Unclaimed property of a decedent and taxes
My wife has filed a claim on unclaimed property held by the state that belonged to her late brother, who recently passed away in a nursing home. All of this property is money (several thousand dollars), sent to the state years a go, when he entered the nursing home as a ward of the state. Is this money taxable to her or is it considered an inheritance? Thanks.
Terry Says
Before claiming this money, she will need proof that she is either the executor of his will, or his only living beneficiary. That will be quite a hurdle. But assuming he died without other significant assets, this will be considered an inheritance, and not taxable!
Write back and tell me when she actually gets the money!
