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Financial Planning / Tax Strategies


Subject:  Unknown Accounts Date:  7/20/2011  5:50 AM
Author:  FoolNBlue Number:  113770 of 129719

I just found out about an account opened under the UTTMA for my wife when she was a minor (now 27) -though I don't think she has control over it as my MIL still appears as the custodian on the account. All I have a a few random statements I was given by my MIL (not known for her keen organizational skills). It appears that taxes (would be owed on the income each year (by my wife) in the past that we didn't know it existed and I have no idea what the cost basis.

Anyone know of a plain language explanation of what to do when you find out about "lost" (in this case unknown) assets and how to treat them once discovered. The total value is under $2K which really makes this just a hassle not worth the work...wouldn't be so bad if there was another comma and we found out about the mythical "rich uncle."


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