If you are the executor of an estate it is important to know what a probate examiner does and why it might matter to you.
Articles about Probate
A pour-over will acts as a safety-net for some assets and transfers them into the living will to avoid probate. Talk to an attorney today.
Do you know how the estate plan will be implemented? What will go through probate and what won’t? Find out the answers here.
Do I report the capital gains tax on my income tax return or is it reported on the trust tax return?
CEB’s California Trust Administration Section 11:49 provides “In general, when a capital asset is sold or exchanged and gain is realized, the gain is principal and is retained in the trust, and the trust recognizes and pays tax on the gain.” Thus, generally the irrevocable trust will report the capital gains. There are rare exceptions depending on the language of the trust and other factors but more often it is the trust that reports this gain.
After the difficult experience of losing a spouse,Probate administration may be unnecessary for some assets.
As the personal representative, it is important to take the final steps to close a probate administration. First, you must know when you are permitted to close it.