As the executor or administrator of a decedent’s estate, your fiduciary relationship to the estate places a lot of responsibility squarely on your shoulders. An executor must make critical decisions for the estate and the beneficiaries in keeping with the law. Filing paperwork in a timely fashion and fulfilling financial and legal obligations are the name of the game when it comes to estate administration, and this includes timely tax filings and payments.
Don’t forget the tax man. Between death taxes on asset values and fiduciary income taxes on the estate’s income, your head might be spinning. There are filing deadlines and tax payments that must be made, and failure to meet these deadlines can be costly, opening up the executor or administrator to penalties and interest.
Today’s post gives you some insight into making sure you are considering all the tax work as you are following the probate process and administering the estate. We want you to realize that you do not have to go it alone.