Friday, March 5, 2010

Tax Time, Probates, and Personal Representatives

It's that time of year again, tax season. This year I am lending a hand to my mother, who is still grieving from my father's death last fall. Having a daughter who is also and estate planning attorney has been a great source of comfort for her. And a learning opportunity for me. And today I received an important reminder about death and taxes.

Going through her tax forms, I came across a 1099-INT for a bank and account that we did not know my father had an account with. Since his estate was completely non-probate, no probate was open. That is nice, because now we don't have to make any changes to an inventory. Lesson learned -- personal representatives should carefully review all 1099's coming in the name of the decedent. They just may uncover an asset that you did not find initially.

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