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Taxation of Trusts and Estates in Probate

Income and estate tax implications vary for each estate depending on whether the decedent had a trust in place and, if so, the nature of the trust. Where the decedent transferred assets to a revocable living trust prior to death, one or more fiduciary income tax returns might be required to report income earned by assets in the estate and/or trust after death.
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5 Probate Emergencies

While some may be tempted to regard estate administration as a checklist, the unique and often unanticipated circumstances that might manifest during probate require careful consideration to ensure that all requirements have been met prior to closing the estate.
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Waiting to Distribute Assets in Probate

An executor pressured by surviving family to distribute an estate early might be tempted to comply with these requests with the best of intentions. However, the executor might be required to personally pay estate debts if they distribute assets too soon. The personal risk of early distribution is often too great for an executor to oblige.
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