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What else can I help you with?
Is a federal tax return considered part of the estate of a deceased person?
Yes. You may want to read IRS Pub 559 for Survivors, Executors and Administrators. Publication 559 is designed to help those in charge of the property (estate) of an Individual who has died (decedent). It shows them how to complete and file federal income tax returns and points out their responsibility to pay any taxes due. A comprehensive example, using tax forms, is included near the end of this publication. Go to the IRS gov web site and use the search box for Publication 559, Survivors, Executors, and Administrators. Click on the below Related link
What is the estate executor fee in ark?
In Arkansas, the executor fee is typically set at a percentage of the estate's value, usually around 2.5% to 5%. This fee can vary based on the complexity of the estate and the amount of work involved. Executors may also be entitled to reimbursement for reasonable expenses incurred while managing the estate. It's advisable for executors to consult with an attorney for specific guidance on fees and legal requirements.
What happens with an estate account if its dormant for a year?
If an estate account is dormant for a year, it may be subject to state unclaimed property laws, which can vary by jurisdiction. Typically, after a period of inactivity, the financial institution may classify the account as dormant and could charge fees or transfer the funds to the state as unclaimed property. Executors or administrators of the estate should monitor the account regularly to ensure compliance with legal requirements and to prevent potential loss of funds. It's advisable to consult legal counsel for specific guidance based on the estate's location.
In NJ is the Executors fee based on the gross or net amount of the estate?
Gross.
How do you claim medical expenses of decedent?
On the decedents final income tax return for the year of death the same as in previous years. You may want to read IRS Pub 559 for Survivors, Executors and Administrators. Publication 559 is designed to help those in charge of the property (estate) of an Individual who has died (decedent)? It shows them how to complete and file federal income tax returns and points out their responsibility to pay any taxes due. A comprehensive example, using tax forms, is included near the end of this publication. Go to the IRS gov web site and use the search box for Publication 559, Survivors, Executors, and Administrators Click on the below Related link
How should you choose an executor for your will?
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
When a proprty is sold do both executors get the money?
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
What has the author Michael H Riley written?
Michael H. Riley has written: 'Estate administration' -- subject(s): Forms, Decedents' estates, Executors and administrators
What has the author Jens C Appel written?
Jens C. Appel has written: 'The complete will kit' -- subject(s): Estate planning, Executors and administrators, Popular works, Wills
What has the author Joe C Foster written?
Joe C. Foster has written: 'Informal estate proceedings in Michigan' -- subject(s): Decedents' estates, Executors and administrators, Probate law and practice
Is a federal tax return considered part of the estate of a deceased person?
Yes. You may want to read IRS Pub 559 for Survivors, Executors and Administrators. Publication 559 is designed to help those in charge of the property (estate) of an Individual who has died (decedent). It shows them how to complete and file federal income tax returns and points out their responsibility to pay any taxes due. A comprehensive example, using tax forms, is included near the end of this publication. Go to the IRS gov web site and use the search box for Publication 559, Survivors, Executors, and Administrators. Click on the below Related link
What is the estate executor fee in ark?
In Arkansas, the executor fee is typically set at a percentage of the estate's value, usually around 2.5% to 5%. This fee can vary based on the complexity of the estate and the amount of work involved. Executors may also be entitled to reimbursement for reasonable expenses incurred while managing the estate. It's advisable for executors to consult with an attorney for specific guidance on fees and legal requirements.
What has the author Julie Hall written?
Julie Hall has written: 'How to divide your family's estate and heirlooms peacefully and sensibly' -- subject(s): Distribution of decedents' estates, Executors and administrators, Popular works, Heirs, Estate planning, Handbooks, manuals, Heirlooms, Family relationships, Valuation
Does Tennessee have a standard executor fee?
Tennessee does not have a standard executor fee set by law; instead, the fee is typically determined by the will of the deceased or, if there is no will, by the probate court. Executors may charge a reasonable fee based on the complexity of the estate and the amount of work involved, often calculated as a percentage of the estate's value. Commonly, fees range from 2% to 5%, but they can vary. It's advisable for executors to keep detailed records of their time and expenses to support their fee claims.
Is it possible for there to be two executors of a will?
Yes, it is possible for there to be two executors of a will. They can work together to carry out the wishes outlined in the will and manage the estate.
What should I charge as executor on my sister's estate.?
You are not allowed to charge by the hour. Each state sets the compensation for executors as a percentage of the estate. Check your particular state's laws to see how to calculate your compensation.
Executors fee is based on a percent of what?
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
