My husband is executor of his dads estate. Recently when cleaning out his home which will be going up for sale. My husband found a safe with a large amount of money and also old silver coins in it. He distributed according to his fathers will equally the contents that were in the safe. Now because the cash amount is so large should this money have been put in the trust account for the estate to have record of it or is this a none issue. My concern is when going to our bank to deposit my husbands share will the bank question its origin because it is all cash?
Answer
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.
Do not assume that I am your attorney because of my response here. Call my office in Racine (262-633-3090 for clarifications, but short of that, I will not be taking any action on your case. See fifteen years of other past answers at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency http:// or at www./answers/search/attorney/jknixon AVVO answers at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency.
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