Hello, I have a couple related questions. We also live in Washington State. Three years ago my elderly father passed leaving a nice amount to help our children with college expenses. We finally finished probate a few weeks ago. My father, assigned his brother as executor of his will. can he (my uncle) just transfer the funds into an account for my children? I am still attempting to figure out 529s and one child is going to college in the fall/winter while the other has a few years. The funds were designated for college expenses, not just tuition. There is not an estate tax in WA, and although a sizeable amount it isn't that much. However it is over $10,000.
The next question ties into the first, since we were all out of state we had a local professional guardian put in place for my father. On his passing she had not received $4,000 back from the IRS tax return. The guardian said that since she has not gotten the money back and that she was no longer the guardian we would need to file a form 56. My uncle is retired and travels frequently. Can anyone help explain what needs to be done? Any help would be greatly appreciated. Thank you.
The next question ties into the first, since we were all out of state we had a local professional guardian put in place for my father. On his passing she had not received $4,000 back from the IRS tax return. The guardian said that since she has not gotten the money back and that she was no longer the guardian we would need to file a form 56. My uncle is retired and travels frequently. Can anyone help explain what needs to be done? Any help would be greatly appreciated. Thank you.