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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 ...
Pope County, and a small portion from Madison County (prior 1890) Benjamin Johnson (1784–1849), the first judge of the federal district court for Arkansas 26,129: 682.74 sq mi (1,768 km 2) Lafayette County: 073: Lewisville: Oct 15, 1827: Hempstead County and later from Columbia County (prior 1910)
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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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Stalley, [3] a Michigan lawyer relied on the official text of the Uniform Probate Code and failed to check the statute as it had been adopted in Florida. As a result, the lawyer missed a filing deadline on a $3,760,909.49 claim.
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