Being named as the Executor of a loved one’s Estate is both a great honor and a serious responsibility.
Even though there will most likely not be any inheritance tax involved, many estates will need to file a Fiduciary Income Tax Return to report income earned during the time of estate administration.
If you find yourself in the role of Executor, reach out and be informed about your tax responsibilities.
When considering “End of Life” planning for yourself or a loved one, it is important to consult with both an estate attorney and a tax professional who understands estate taxation. An attorney can prepare documents that guarantee your assets will pass to your heirs the way you want them to. Adding proactive tax planning will ensure they also pass in the most tax efficient way possible.
