Q: Unclaimed Property in Illinois - Taxes? Which heir should claim?
(1) My three siblings and I just found that our deceased parent and grandparents have unclaimed property in Illinois. Some of this property is dividends, some is funds for liquidated stocks/bonds not surrendered, some is insurance-related, and some is refunds/rebates. Will we pay taxes if we claim these funds?
(2) We assume the answer to the first question is yes. Two siblings live out of state (one in a state with no state income tax). From a tax perspective, should an out-of-state sibling claim the property or should an Illinois resident sibling claim it?
A: How does it get from the deceased to you.
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