Legal Question in Wills and Trusts in New York

"My mother had life insurance-my father being beneficiary. When my mother passed away, the life insurance proceeds had to go into my mom's estate account since my father passed away prior to my mom. I, being the executor, split the life insurance proceeds-half going to myself and half going to sibling in year 2017. There were interest accrued on the policy with which was was included in the proceeds given to us. My mother had no other funds deposited into her estate acct. Do I have to complete a 2017 tax return for my mother for the interest earned on the policy or does my sister and I include that in our own tax returns since we received the funds split evenly. I have no idea who should file that interest income? The interest is very small-no more than 200.00 total.."

I had the above question about the interest income for an estate account and who should report it? You stated it should go on mine and my siblings personal 2017 tax returns since the interest was max 225.00 and we split that amount between us. So in order for us to close the probate process and close the estate, I have few questions:

-What form do I need to complete to give to Surrogate Court (PETITION FOR JUDICIAL


-Will the above form close the probate process too, in addition to closing the estate?

-On the above form it is requesting:

The petitioner(s) present (s) and render (s) herewith, a verified account of petitioner’s (s’) proceedings in this

estate or trust, for the period from to , showing the gross value

of assets, including principal and income, to be the sum of $ .

4. (a) An order was entered in this Court on , 20 .

Exempting the estate from tax

Fixing and assessing the tax due

[Attach a copy of the tax order and receipt]

(b) The following return (s) (was) (were) filed:

ET-90 [For decedent’s dying on or after May 25, 1990].

A copy was filed with the Surrogate’s Court Yes No

TT-385 [For decedent’s dying before May 25, 1990]

706 or 706NA

The estate taxes with respect to this estate were paid in full.

[Attach a copy of letter of discharge.]

(c.) No tax proceeding or return was required for this estate

I reported the interest income on our personal taxes. I do not know which one to check off?

Any help will be greatly appreciated

Asked on 3/27/18, 8:23 am

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

Judicial settlement of this estate isn't required; you don't need to file any papers at all, except for the List of Assets/Inventory. Nothing else for you to do after you've distributed the money; it's over. The court has already put the file into their storage facility and they're not expecting anything else from you. Don't forget to send in the List of Assets/Inventory however; they'll follow up with that if it's not received.

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Answered on 3/27/18, 9:07 am

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