Failing to file the required tax returns may constitute a California breach of trust under state law. Trustees typically have a duty to file tax returns and pay any taxes that are due.
Articles about Estate Tax
If a trustee fails to pay taxes, what options does a beneficiary have? There are several, including removing trustees and holding them personally liable.
U.S. Savings Bonds could generate federal income tax liabilities for the beneficiaries. Alternatively, the income can be reported on the decedent’s tax return.
What is estate tax & what happens if an executor of a California estate fails to make the portability election following the passing of the first spouse?
Under the American Taxpayer Relief Tax Act of 2012, executors or administrators of an estate can make an election to preserve the estate tax exemption of the first spouse to pass away in a married couple. This allows the couple to take advantage of the exemption amounts of both individuals.
What are the filing deadlines for tax returns during an estate or trust administration in California?
While the obligations of a personal representative or trustee are numerous during an estate or trust administration in San Diego, one of the most important duties is to file all necessary estate, gift, and income tax returns on behalf of the deceased, the trust, or the estate.
What most people in California mean by “death taxes” are the federal estate taxes and state inheritance taxes. Click here to learn more and whether or not we have to pay death taxes in California.
If you are unsure of whether or not your parents had a will or trust when they died, know what steps you can take to find out. Probate may be necessary.
The estate tax that is due can be reduced by certain deductions, if applicable. View here for a list of these deductions by a Riverside probate lawyer.