@pigletsmom wrote:
@Sage04 wrote:
@pigletsmomin @hyacinth003 first post, she said it was in her dad´s name and SS# with her sis-in-law as beneficiary, Hope she finds out what went on and if any taxes are owed.
Maybe the Estate will have to pay the taxes otherwise she would not have received the mail.
@Sage04 This is what she posted later:
The real point is that I received a tax document with my brother's name and address on it.
At this point there seems to be confusion over talk of "documents" involved. Something from the insurance that list owners and beneficiary does't mean much in this. What does the 1099 say. 1099's don't talk owners and beneficiaries. They say who got the money and paid tax.
If the 1099 is in her brother's name and SS then he got the money all along. We have no idea what amount was in the annuity. He could have been withdrawaing for years. The payments in the last year could have only been worth 95 in taxes. Also it seems like what they actually have to pay would be based on how much this raises their income which wouldn't be much.
And if the insurance company person answered anything as specific as where the money was going without first confirming that the OP was in charge of the account that's pretty bad. I'm hoping there's some misunderstanding and the insurance person just said the money was being deposited monthly someplace without specifics.
My guess is the brother is upset that once again his sister is gearing up to accuse them of taking avantage of Dad before he died. I'm guessing he's tired of it just like she is. If he says yes they had an account for years and it's now been closed it's not going to end there.
@pigletsmom
Perhaps I misled with terminology. I received a 1099 WITH a letter from the insurance company issuing it. They are separate papers. The envelope showed the name "Estate of Hyacinth's father" with my brother's address on it. That was what was on the 1099. The letter from the insurance company said the same. I am getting all mail with "Hyacinth's father" named in the address. I may never have seen this if it went to my brother's address. His name is not mentioned on the 1099.
The insurance company only told me it went into my Dad's checking account monthly. After that, she said I must AGAIN send in proof I am executor. My questions are what was the amount monthly, and the name of the bank and at least part of the account number it went to. The role of executor is even mentioned in the last paragraph!
All I want to know is where the money is in relation to whether or not, as executor, I need to pay taxes on it. You know, include it as INCOME to my father. If somehow, there is another checking account I don't know about and my brother was getting the money, I will contact the attorney. I will ask him who owes the taxes - the estate or the person getting the money. Pretty simple in my mind. All the estate's assets/liabilities are the executor's responsibility.
Hyacinth
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