What are the deadlines I need to worry about?
Deadlines:
- Spouse's Elective Share Deadline
- Inventory
- Decedent's Final Federal Income Tax Return
- Decedent's Final State Income Tax Return
- Decedent's Final Gift Tax Return
- Disclaimer Expiration Period
- Estate Tax Returns
- First Federal Fiduciary Income Tax Return
- Subsequent Federal Fiduciary Income Tax Returns
- First State Fiduciary Income Tax Return
- Subsequent State Fiduciary Income Tax Returns
- First Annual Accounting
- Subsequent Annual Accountings
- Final Federal Fiduciary Income Tax Return Filed
An important timeline:
How soon can the Fiduciary/Representative distribute to the beneficiaries?
Generally as soon as provisions have been made for taxes, debts and
expenses. Provided the estate/trust is solvent, debts should be paid as
presented and validated. There will be expenses; professional fees,
filing fees, administrative fees, estate taxes, inheritance taxes,
income taxes, estimated taxes, property taxes, property maintenance and
other carrying charges. Distributions do not have to be made all at
once; partial distributions can be made as assets are collected. We
highly recommend that distributions be planned, because depending on
how and when distribution occurs material tax consequences for both the
fiduciary and the beneficiaries can result. Remember, a Fiduciary is
liable for property mistakenly distributed; therefore, the Fiduciary
should receive, and is entitled to, a Receipt and Refunding Bond from
the beneficiary.
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