Legal Question in Wills and Trusts in New York
My aunt died Oct 2016. She named my Mom and her brother as beneficiaries of her house and property.(the house has been sold) But the proceeds have not been distributed yet. Now the lawyer handling the estate is asking for my Mom's Social Security # . The accountant doing the Fiduciary Tax Return needs it. Would you be able to explain why he needs this from my Mom.? And what is a fiduciary tax return?
Thank you so much for your time
Christine
1 Answer from Attorneys
The executor of the estate is a "fiduciary," which means, sort of, the person responsible for handling the estate. The executor has to file a tax return with the IRS and New York to pay any taxes which may be due. And on that tax return the executor has to put down all the names and social security numbers of the beneficiaries, and how much they got from the estate. The distribution isn't taxable income to your mom, but it's important that the IRS knows when mom gets a big deposit into her bank account, it's not due to money laundering or from drug sales. Don't worry about it.
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