Question
Taxes on escheated funds from trust in Michigan
My parents had a joint trust after the last to die. We discovered an asset that was as treated to the state. As trustee of the trust, I filed a claim for the asset and received a 50k check payable to myself as trustee of the trust. The asset consisted of stock held by the trust. I will make a distribution to my siblings of monies received. No interest income was gained on the asset while it was held by the state of Michigan. No tax statement i.e. 1099 etc. has been received regarding this asset. Is this asset taxable to the siblings?
