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The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
Certain estate expenses are tax deductible on IRS Form 1041. The executor must file this form for estates that earn over $600 in income or have a nonresident alien as a beneficiary.
[1] [2] [3] Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or ...
Because of these exemptions, only the largest 0.2% of estates in the US will have to pay any estate tax. [8] Before 2005, there was also a credit for non-federal estate taxes, but that credit was phased out by the Economic Growth and Tax Relief Reconciliation Act of 2001.
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Also, in the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies. [1] The order of abatement is usually: Intestate property
One way the rich ditch estate taxes is through philanthropy, and it’s also a sure way to generate applause. Durot cites The Giving Pledge, which 104 American billionaires worth roughly $1.5 ...
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