Legal Question in Wills and Trusts in Michigan

My aunt passed away in Dec. 2007. Her best friend was named as trustee. Due to health problems she stepped down in May of this year. My sister and I are now trustees. Before the friend stepped down she sold the home for a major loss. My sister and I are now questioning whether or not we have to do a tax return for my aunt this year. Her Oppenheimer funds were cleaned out last year and the only money that came in was for the sale of the house. That all became part of the trust. That trust and the funds are to be divided among 8 people. The IRS was sent all of our SS#'s in 2008 and we have paperwork to turn in once we receive our $1000.00 each.

My question, do we need to file a return for my aunt this year and is there anyway we can claim the loss on the value of the house?The house and all property became part of a trust when she passed away.

Thank you,

Dolores Miller


Asked on 10/29/10, 9:52 am

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

As this is a tax question and not necessarily a legal question, I always urge clients to check with a CPA on these issues. They will certainly know the answer, especially if they have any experiences with probate and/or trusts. Good luck. kliszlaw.com Tim Klisz

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Answered on 11/03/10, 11:02 am


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