If my sister died 6 years ago and I have found unclaimed property for her, will this be taxable to her heirs?

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If my sister died 6 years ago and I have found unclaimed property for her, will this be taxable to her heirs?

It was stock and will be distributed to her heirs as cash. Will this be taxable to them?

Asked on September 7, 2012 under Estate Planning, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under federal and state estate tax laws, the stock that is part of your sister's estate is not taxable to her heris. Rather, such assets are taxable as part of your sister's estate for estate tax purposes. Most likely you will have to open up her probate if there was one for her estate (she had a Will). If no Will or trust, you will probably have to file an intestacy proceeding as to such stock certificates.

I suggest that you consult with a Wills and trust attorney about how to deal with the stock certificates that you discovered.


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