FAQ Friday: Taxes and relation to probate

On Friday, March 8th, Ms. Karla Horn, our estate administrator guru discusses taxes and how they relate to an estate.

The personal representative is responsible for all taxes that need to be filed. If a spouse or family member worked and died 2022, then taxes should be filed by April 15, 2023 just as anyone else.

Estate tax forms might need to filed as well if over $5 million. It’s very important to remember that life insurance is part of this calculation.

Sometimes we include portability, but it would be important to discuss this with your tax preparer. There is also a fiduciary return which involves income specifically related to the estate. For example, stocks income earned when owned by the estate.

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