Ensuring the next generation is well cared for, providing for a charitable organization you support, seeking the transfer of a business to loved ones; each demands diligent estate and trust administration and planning.

When it comes to probate income and estate taxes, two issues are generally at stake (the latter of which is due to an estate being its own taxable entity):

1.  Determining and paying Decedent's individual income tax due but unpaid as a results of death, and

2.  Determining and paying the estate's fiduciary income tax during its adminstration

We work with many estate attorneys in the San Diego area to assist families who are facing the resolution or handling of such issues. 

An estate tax, specifically, is that which imposed by the federal government and some state governments on the transfer of assets to heirs.

If you are the personal representative—also called executor—for an estate of someone who has died, you have assumed many important duties and responsibilities.  Even if you are not the heir, these tasks can be daunting.  If you are an heir, sorting through the details is potentially even more overwhelming with the added emotional stresses involved.

As executor, you are responsible for:

• Filing the decedent's final federal and state income tax returns for the year of death.
• Making sure all the decedent's federal and state income tax returns from previous years have been filed.
• Paying all outstanding tax liabilities of the decedent.
• Filing federal and/or state estate tax returns, if necessary.
• Filing federal and state income tax returns for the estate, if necessary.
• Paying any other taxes owed by the decedent, for example, property taxes, business taxes, etc.

Golemb Accountancy Corporation can help adminster this maze of paperwork.  For more information on our Estate and Trust Administration and Planning services, simply call 619-497-1800.