can the executor be liable for estate tax
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
If the property is in the estate, the estate is responsible for them. You are entitled to be reimbursed if you have paid them for the estate. Submit your claim to the executor.
The decedent's debts, the costs of administration and the executor's fee must be paid by the estate prior to the distribution of any assets.
The real estate agent is the person who collects a commission on the sale of the real estate not the estate representative (executor/administrator). Generally a person who fills both roles, attorney for the estate and executor, can charge for both services.
Yes.
The executor is responsible for all estate property. They control who has access to that property. It is common for them to collect the keys or have the locks changed to preserve the estate.
Yes they certainly do have that right. That is the entire purpose of opening an estate, to collect all assets and pay all debts.
Unless all the heirs agreed in writing to allow the executor to act as the broker, with the understanding she would receive a commission, she has a conflict of interest and an independent broker should handle the sale of the property. If the executor took it upon herself to act as broker and collect a fee from the estate she should be apprised of the impropriety of self-dealing by a fiduciary. You should consult with the attorney who is handlig the estate or ask the court to review the situation if that attorney allowed this situation to take place.
It is a debt against the estate. It cannot be resolved once the estate is closed. The executor must have the courts permission to collect their bill.
contact the executor of the estate and file to collect it from the estate. you have to notify the estate of the debt. Depending on the state, most must be filed with the estate within 4 months of the said death.
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
You need to talk with the executor of the estate. The probate court should be able to assist you in locating who has been appointed as executor.
The executor must be appointed by the probate court. Once they have been appointed they have the authority to collect the assets of the decedent and settle the estate according to the terms of the will and state laws.The executor must be appointed by the probate court. Once they have been appointed they have the authority to collect the assets of the decedent and settle the estate according to the terms of the will and state laws.The executor must be appointed by the probate court. Once they have been appointed they have the authority to collect the assets of the decedent and settle the estate according to the terms of the will and state laws.The executor must be appointed by the probate court. Once they have been appointed they have the authority to collect the assets of the decedent and settle the estate according to the terms of the will and state laws.
There is no executor of probate. The executor of the estate executes the will and probates the estate.
What is the executor of the estate for the titanic?