If you have ever been the Executor of a Will, then you know that it is not nearly as easy of job as it sounded like it would be when you agreed to assume the role. An Executor has a wide range of responsibilities that most people do not think about when they think about what being an Executor means.
Most of us do not like filing tax returns. They are complicated and we are not accountants. An Executor, however, has to file even more tax returns. A final income tax return has to be filed for the deceased. Estate tax returns also have to be filed. Sometimes, returns will need to be filed for years that the deceased failed to file, which is common problem for the elderly.
Filing tax returns is just the tip of the iceberg. An Executor has may different tasks that need to be accomplished. It is not an easy job to do. However, Executors do not have to be alone in fulfilling their duties. They can, and should, hire attorneys to help them through the job. The attorneys are experts who know what needs to be done and how to do it.
- My Parent/Spouse Shows Early Signs of Dementia. Can We Still Do Medicaid Planning? - July 20, 2015
- What Happens to a Living Trust When One Spouse Dies? - July 13, 2015
- Medicaid Spousal Impoverishment Rules - July 7, 2015