missmymom
Apr 24, 2007, 07:11 PM
My brother and I are the administrators of my mothers estate. We had to probate the estate and opened a bank account. Instead of paying every bill out of the estate with a check, we withdrew the money and made the payments ourselves. Also, I got out money to keep aside to pay bills in case my brother goes to jail. I am worried that I will be in trouble for having money taken out of the estate with not all of it accounted for. I do not recall where I threw receipts or anything like that.
My question is, we are the account holders, but are we going to be in trouble for taking money out and not having it all accounted for, even though it went towards my mothers interest.?
We didn't use this for personal use, it was used for her interest... however, there are a lot of receipts missing from the move and shuffling things around.
I know that we'll just have to pay taxes on the money that is not accounted for as apposed to if we have receipts, its considered a "write off" and taxes don't have to be paid. Is this the worse that can happen?
My question is, we are the account holders, but are we going to be in trouble for taking money out and not having it all accounted for, even though it went towards my mothers interest.?
We didn't use this for personal use, it was used for her interest... however, there are a lot of receipts missing from the move and shuffling things around.
I know that we'll just have to pay taxes on the money that is not accounted for as apposed to if we have receipts, its considered a "write off" and taxes don't have to be paid. Is this the worse that can happen?