What is the name of your state? Illinois
I worked as a caregiver for an elderly man who passed away last year. When I took care of him he kept telling me that he added me to his will with a certain amount which I will not have to pay taxes on and he put me down as a beneficiary on his life insurance policies. At first I didn't believe him but after he passed away I received a call from his life insurance company that I am the only beneficiary on his life insurance policies. I cashed the policies last year, after that I received a letter from his attorney that I have to pay taxes on the amount I cashed in. Now I was wondering if I have to pay taxes for those insurance policies?
My second question is about a trust he added me to, October last year I have sent two letters to his attorney asking about me being in his trust but I didn't get an answer. This year I had to go through a lawyer to get a partial copy of his trust. After that I received another letter asking for my Social Security number so he can pay the taxes for the amount that I didn't receive yet from the trust. Is his attorney allowed to deduct the taxes from the money I should receive? Can I pay the taxes after I have received the money?
If the trusts are not going through probate, why does it take so long to receive the money and why the executer didn't send me a notice that I am one of the trust beneficiaries.
How can I obtain the full copy of the trust?
I really appreciate any answers I may get.
I worked as a caregiver for an elderly man who passed away last year. When I took care of him he kept telling me that he added me to his will with a certain amount which I will not have to pay taxes on and he put me down as a beneficiary on his life insurance policies. At first I didn't believe him but after he passed away I received a call from his life insurance company that I am the only beneficiary on his life insurance policies. I cashed the policies last year, after that I received a letter from his attorney that I have to pay taxes on the amount I cashed in. Now I was wondering if I have to pay taxes for those insurance policies?
My second question is about a trust he added me to, October last year I have sent two letters to his attorney asking about me being in his trust but I didn't get an answer. This year I had to go through a lawyer to get a partial copy of his trust. After that I received another letter asking for my Social Security number so he can pay the taxes for the amount that I didn't receive yet from the trust. Is his attorney allowed to deduct the taxes from the money I should receive? Can I pay the taxes after I have received the money?
If the trusts are not going through probate, why does it take so long to receive the money and why the executer didn't send me a notice that I am one of the trust beneficiaries.
How can I obtain the full copy of the trust?
I really appreciate any answers I may get.