nthach wrote:
hyperlexian wrote:
my sisters and i started arguing a little so we met up to discuss finances and stuff. since my mother did not appoint an executor, things are complicated (my first thought was... what was she thinking? she had a LAW DEGREE and knew the importance of an executor! then i remembered that all of her money is in cash and she was hiding from creditors, so maybe this was her way of protecting us).
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Oh wow. I'd hate to give you more bad news but I say find a good lawyer. If she's hoarding cash and running from the creditors, you and your family are legally responsible for it in the eyes of the law. I don't know how it works in Canada but I know in the US, you MUST file an form with the IRS if you have a financial transaction over $10,000 in cash - cash being currency or a money order.
we don't have to claim the money, actually. inheritances are tax free, as are lottery winnings. YAY CANADA!
we will have to do her income taxes, but her earnings are already claimed and not hidden - this cash is already taxed as she received it from her employer. if she didn't pay enough taxes through her employer we will pay the difference.
the executor (or relatives) can make a formal notice of death (optional), and the creditors can make a claim against the estate, but they will not likely do so. this is a way of forestalling future claims against the estate. there is a chance that any income tax refund or insurance payout could be taken as well.
the lawyer's fees would actually be higher than the cash we found, by the way!
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