Hi, I haven't been here for awhile.
My Dad's broker stole money from him. My dad has passed away.
His Estate is receiving restitution from the broker. The Estate also just received a settlement from the brokerage. The settlement was reached through Mediation, to discharge an NASD claim file against the brokerage.
Trust and Estate tax rates being what they are---35%!!!!---I am curious as to whether there will be anything left, after attorney fees and taxes.
Are the restituiton payments and the settlement taxable as income to the estate?
Thanks.
My Dad's broker stole money from him. My dad has passed away.
His Estate is receiving restitution from the broker. The Estate also just received a settlement from the brokerage. The settlement was reached through Mediation, to discharge an NASD claim file against the brokerage.
Trust and Estate tax rates being what they are---35%!!!!---I am curious as to whether there will be anything left, after attorney fees and taxes.
Are the restituiton payments and the settlement taxable as income to the estate?
Thanks.