John M. Macaulay Professional Corporation
I suspected that the title would get your attention, as it should have! I’m writing this article because a client of mine recently dealt with a financial planner that did not consider the consequences of their actions and focused almost exclusively on saving probate fees. I would not want you to make the same mistake..
Estate trustees are required to file unfiled income tax returns for the deceased for the period while they were alive as well as for the estate of the deceased after their death. Estate trustees can also be responsible for the payment of any unpaid taxes. That is why, for instance, estate trustees do not generally.
Some estate trustees are flattered to have been selected as the deceased’s personal representative after death and may even regard these duties as a “money maker”. Others may simply feel that they owe the deceased a duty to carry out their last wishes. What is not considered on many occasions is the liability which the.
At one time, it was common for children to look after their parents in their senior years, often at home. Although still practiced, this is no longer the prevailing custom. It was also common to believe that seniors would simply go quietly into that good night. This is no longer the case! Seniors are now.
It can be quite flattering to be selected as the personal representative of an individual after their death. Some of these representatives, referred to as estate trustees (you may know them by the older term – executors) can sometimes regard these duties as a “money maker”. Others simply feel that they owe the deceased a.