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Posted by Arthur Rubin on June 1, 2007, 10:42 am
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I recently received a check (dated 04/23/07) payable to my
late mother. I'm assured by the family law firm that it
belongs to the bypass trust funded by her death. But the
question I have is in regard to the tax consequences to that
trust.
The check is from Edward Jones, and is captioned "SEC FAIR
Fund Distribution". There doesn't seem to have been a cover
letter. My guess, from Internet research, is that this is
part of a 2004 SEC settlement with Edward Jones in regard
not properly allocating rebates of management fees from some
"preferred" mutual funds. I think this goes to capital
gains, as the accounts were liquidated some time after her
death (and probably during the time when the trust was
considered part of the estate code section 645.) Even so,
I'm not sure how to report it.
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