Legal Question in Wills and Trusts in Wisconsin

Bringing a large amount of previously unreported cash into a bank these days will indeed often create problems, since the bank must report cash transactions of ten thousand or more, and sometimes lesser amounts, to the treasury department. Their IRS division will then wonder if income taxes might be due on the money. Reporting it on the estate inventory, on the other hand, will make it legitimate, although inheritance taxes (but not income taxes) may become due if the amount inherited exceeds several million (depending upon who is inheriting it). You should also make sure that your father's income tax return for the last year of his life is accurate and complete, along with the estate's fiduciary tax return. You should retain an experienced probate attorney to represent the personal representative (or executor) of any large estate and guide you through this process if you wish to avoid problems in the future.

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