Estate Planning | Death and Taxes
One responsibility of the executor of an estate is to make sure that the deceased’s taxes are paid. With this in mind, the executor should give tax debts priority over all other debts of the estate. While the executor is not personally responsible for the deceased’s tax debt, the money used to pay this obligation comes from what the deceased left. Thus, it is not a good idea to give significant amounts to other creditors or give property to beneficiaries until the executor can be sure there is enough left over to pay taxes. Otherwise, if the estate comes up short, the executor could be liable for the tax bill up to the amount distributed to other creditors or beneficiaries.
Do you have any questions about executing a will? Perhaps you want to discuss your estate’s tax liabilities? Do you even have a will? We have years of experience with drawing up wills and can provide you with the thoughtful advice you need to ensure that your family is taken care of after you’re gone. In addition to wills, we can provide counsel on issues dealing with estates, probate, and family law.
HINT: A surviving spouse has the option of filing a joint tax return for the year of the deceased spouse’s death unless the spouse remarries during that year.