I'm finishing probate for my Dad. He was awarded as plaintiff a monetary judgment in a civil case for fraud 4 years ago, but he never collected anything from it. I am just now aware and may need to file an amended Inventory & Appraisal form. If the judgment is for $100,000, and I am not able to find any assets from the defendant to garnish, the judgment really has not value at this time. Probate will be finished soon. I'm thinking to skip amending the form. If we finally get something, we would distribute it to the beneficiaries as outlined in the trust & will. Since we will be below 11.2 million estate tax exclusion, are there tax consequences if it is not listed in probate? This is for the state of California. I could see the necessity of appraisal if the judgment was not monetary. How can there be a value until you see what you can recover.
It has a value because it is not dischargeable in bankruptcy because it was for fraud. You can’t leave things out of a probate inventory.
The judgment is the document that you need to submit to the probate referee. collecting it is a totally different thing. Its asset value is still a potential value but the right attorney will know what to do to collect on the judgment.
You need to include it as part of the estate.
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The Probate Attorney will provide that VALUATION but to do so, will need to know about the inability to collect. So please provide all info that you already know to the Probate Referee, so that they can assess the Data and come up with The Number for the probate matter.
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