Are you currently serving as a personal representative of a West Palm Beach estate? Did you know that you may be filing an extra income tax return for the estate!? What other tax issues are you going to encountering as you begin your service as a personal representative?
Tax Returns
- The estate will file its own tax return.
- When do you have to file?
- The timer starts ticking when someone passes away, a year from then they may have a tax obligation.
- There is a $600 exemption though.
- So if the estate makes less than 600 dollars you may be off the hook.
- The return you will file is very similar to the standard income tax return form that being said getting the help of an experienced West Palm Beach probate and tax attorney is not going to hurt.
- What other financial hurdles could you face while serving as a personal representative?
Posting a Bond
- Do you know what a bond is?
- Bonds come in many forms with the goal of ensuring that you perform your duties in a proper and respectful manner.
- Most wills that are drafted by experienced Palm Beach probate litigators actually excuse the bond.
- Under Florida Statutes you may be exempt from filing a bond with the West Palm Beachprobate court.
- If you want to avoid posting the bond, consider talking an experienced Palm Beach probate litigator after you read the will.
- Are there other financial concerns?
Managing Estate Financials
- You also have to keep the finances up to date and running.
- The West Palm Beach estate is going to continue making money and possibly losing it if you are not attentive.
- Do you understand the stock market and mutual funds?
- You may be able to rely on experts and their advice.
- Who is running your West Palm Beach finances?
- You may be able to enlist their help for your personal representative to make probate easier.