Category: Executor
New IRS forms—IRS Forms 8971—are due on March 31, 2016 and, while they close an estate tax loophole, they also create confusion. While closing an estate tax loophole is a good idea and should be simple, it is not. The loophole being closed allowed one value of property for estate tax purposes and a different […]
The estate of a loved one can create a bitter fight that breaks a family apart for a lifetime. But those battles can often be avoided with careful planning. When someone makes an estate plan, the desire to avoid a family battle is often a top priority because, at the end of the fight, family […]
While payable-on-death accounts seem to be an easy answer for transfers they do not come without challenges. Payable-on-Death accounts, sometimes called Pay-on-Death or Transfer-on-Death, seem to be easy and therefore a popular method for transferring assets after the account owner dies. But this approach to estate planning must be carefully considered. The money in the […]
The deadline to file the basis for property distributed from an estate by Section 6035 of the tax code is extended by the IRS. The Surface Transportation and Veteran’s Health Care Choice Improvement Act of 2015 was signed into law last summer with a provision unrelated to the act which required that people filing an […]
Getting prepared for meeting with an estate planning attorney can improve efficiency. Meeting with an estate planning attorney for the first time can be much more productive if you have prepared in advance. Recently, the Wills, Trusts & Estates Prof Blog offered some tips about how you can prepare and make that first meeting with […]
Since there are often tax obligations when settling an estate it is important for an executor to know what needs to be filed. Knowing how to properly handle tax issues when settling an estate is one of an executor’s key responsibilities. Not handling it properly can result in the executor having personal liability. Bluffton Today […]
Apple executives refused to give Canadian widow Peggy Bush her husband’s password but following considerable publicity they went in a different direction. Canadian widow Peggy Bush received a lot of attention from the media when she ran into problems with Apple after her husband passed away and she inherited the iPad the two of them […]
While estate executors can set a reasonable fee for their services the executors in the Leona Helmsley estate have found their $100 million fee challenged. The financial controversies surrounding “Queen of Mean” Leona Helmsley continue even after her death with large amounts of money left to her charitable foundation as well as her dog and […]
Being named an executor brings responsibility and stress. It is a position that should be filled carefully. Executors often have to deal with contending creditors, heirs, family members who are not heirs, financial institutions and more. A recent headline highlights the situation in the Globe and Mail which reads “Being executor of a will likely […]
The Supreme Court’s recent decision legalizing gay marriage requires interpretation as highlighted in the case of a couple’s relationship statuses before the ruling took effect. Mauricio Leyton and his partner David Hunter had a commitment ceremony in 2002 to signify their lifetime commitment when they were not allowed to be legally married. They separated in […]
