{"id":41153,"date":"2021-09-16T16:23:01","date_gmt":"2021-09-16T20:23:01","guid":{"rendered":"https:\/\/ilgfinancial.com\/staging\/2370\/?p=41153"},"modified":"2023-08-17T15:45:31","modified_gmt":"2023-08-17T19:45:31","slug":"daves-pick-worried-about-inheritance-tax-read-this-if-youre-a-beneficiary-executor-or-trustee","status":"publish","type":"post","link":"https:\/\/ilgfinancial.com\/staging\/2370\/daves-pick-worried-about-inheritance-tax-read-this-if-youre-a-beneficiary-executor-or-trustee\/","title":{"rendered":"Dave’s Pick: “Worried about inheritance tax? Read this if you\u2019re a beneficiary, executor or trustee”"},"content":{"rendered":"

Article originally published by MarketWatch.com<\/a><\/em><\/p>\n

Written by Bill Bischoff<\/em><\/p>\n

\"\"This is Part 1 of a series on inheritance and taxes.<\/strong><\/em><\/p>\n

A loved one has passed away, and you\u2019re an inheriting heir and maybe the estate executor or trustee to boot. What happens now tax-wise? Good question. This the first installment of our series covering the most important tax-related considerations for heirs when a loved one departs.<\/p>\n

\n

If you are the executor<\/strong><\/h4>\n

When a loved one (the\u00a0decedent<\/em>) passes away, someone must tackle the job of handling the resulting tax issues. That person may be identified in the decedent\u2019s will as the executor of the decedent\u2019s estate. If there\u2019s no will, the probate court will appoint an administrator. In either case, let\u2019s call the person who is holding the bag the\u00a0executor<\/em>\u00a0to keep things simple. That person may be you. If so, please pay attention, because you\u2019re responsible for filing any necessary tax returns and arranging to pay any taxes.<\/p>\n

Or you may be the trustee of a trust that was set up to avoid probate. If so, you need to pay attention too.<\/p>\n

The final Form 1040\u00a0<\/strong><\/p>\n

If your loved one was unmarried, the final Form 1040 covers the period from Jan. 1 through the date of death. The final return is prepared in the usual fashion. It\u2019s due on the standard date: 4\/15\/22 for someone who dies this year. You can extend the return for six months, to 10\/17\/22, by filing IRS Form 4868.<\/p>\n

\n

Click\u00a0here<\/a> to read the rest of this article on MarketWatch.com.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Article originally published by MarketWatch.com Written by Bill Bischoff This is Part 1 of a series on inheritance and taxes. A loved one has passed away, and you\u2019re an inheriting heir and maybe the estate executor or trustee to boot. What happens now tax-wise? Good question. This the first installment of our series covering the most important tax-related considerations for heirs when a loved one departs. If you are the executor When a loved one (the\u00a0decedent) passes away, someone must tackle the job of handling the resulting tax issues. That person may be identified in the decedent\u2019s will as the executor of the decedent\u2019s estate. If there\u2019s no will, the probate court will appoint an administrator. In either case, let\u2019s call the person who is holding the bag the\u00a0executor\u00a0to keep […]<\/p>\n","protected":false},"author":48,"featured_media":43543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-41153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ilg-financial"],"yoast_head":"\nDave's Pick: "Worried about inheritance tax? 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