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February 2016 Archives

Executors need to think about unique tax problems

Pennsylvanians who have been named as an executor under a will are responsible forĀ attending to any outstanding tax obligations left behind by the testator. They need to start by filing the final income tax return for the year of the decedent's death. If the decedent was married, the Form 1040 can be filed as a joint return. If there are unpaid medical expenses, they can be deducted if the amount is in excess of the applicable percentage of adjusted gross income. However, it may be more prudent to deduct them on the estate's federal estate tax return if the value of the estate exceeds the exemption, which is $5.45 million in 2016.

Tax form changes proposed by the AICPA

Florida residents who are serving as an executor under a testator's will should be aware that the American Institute of Certified Public Accountants is pushing for changes to IRS draft form 8971, which discusses the rules governing beneficiaries who acquire property from a decedent. The AICPA also sent a letter to the IRS requesting more guidance on basis reporting that occurs between estates and beneficiaries.

Estate plans and electronic data

Florida residents who are in the process of developing their estate plans may think that once they have put together a will or trust and designated beneficiaries for various accounts, they are finished. Many people forget about the increasing prevalence of online accounts and electronic passwords.

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