What kind of tax implications are there for a newly discovered UGMA from distribution of owners that is 20 years old?
I just discovered unclaimed money in the form of a UGMA from distribution of owners reported by a corporation in 2007. I am 43 years old and was never told of its existence and both my parents have passed. My father, who was custodian, passed in 2007 and left my stepmother as his only beneficiary. She subsequently gave me my inheritance. Since I was never made aware, and I am not sure if taxes had been paid on the UGMA, can collecting the account have negative consequences?
This is a great question! I am sure you have found your answer by now. I just came across this and can probably tell you it has gone so long without an answer because unless an advisor is licensed as a CPA, we are not typically willing to give tax advice for liability reasons. So the answer to your question is unfortunately a "punt" and you should speak to a licensed CPA or tax professional in this particular matter. Although, I would like to know how the taxes were treated on this specific situation.
-Jordan Jones, RFC