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Your Estate Plan and Tax Filings

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There are many taxes that we pay over our lifetime.  Here is a list of taxes we see while planning and settling estates.  While you are living and if your income is high enough, you will need to pay income taxes to both the Federal Government and the State of Maryland.  The forms generally used to file your income tax returns are the IRS form 1040 and the MD form 502.  In most cases when … [Read more...] about Your Estate Plan and Tax Filings

Final Income Tax Return

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The attorneys at Sinclair Prosser Gasior can guide you through the many duties you have as trustee or personal representative when settling an estate. One of the duties of the trustee and/or personal representative of an estate is to make sure that all income tax returns have been filed for the decedent. This includes filing the final income tax return.  Even though a person is no longer living, … [Read more...] about Final Income Tax Return

How Do Trust Income Taxes Work?

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When thinking about estate planning, we often think mostly about estate taxes. Estate taxes are taxes imposed by both the federal government and a number of states. These taxes will be assessed based on the total value of your assets at your death. At the federal level, as long as those assets are less than $11.7 million, there is no federal estate tax. In Maryland, the threshold is $5 million. … [Read more...] about How Do Trust Income Taxes Work?

Estate Administration and Income Tax

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  A common confusion in estate administration is knowing what income taxes are due after a person’s death.  Now that the Federal and Maryland Estate tax exclusions are increasing, most people will not pay an estate tax on inherited property.  Under the current law, most family members receive inherited assets without paying an inheritance tax.  Capital assets such as stocks, real estate and mutual … [Read more...] about Estate Administration and Income Tax

Who is Responsible to Pay the Debt of a Deceased Loved One?

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  If you've helped settle an estate before or even sorted through the belongings of a deceased love one, you're probably familiar with the debt that continues to accrue following their death.  Recent medical expenses and credit card bills are common, and children handling a parent’s estate are often concerned that they are responsible for paying this debt. Family members are generally not … [Read more...] about Who is Responsible to Pay the Debt of a Deceased Loved One?

“What to Expect When You Receive an Inheritance”

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  Who hasn’t daydreamed about what they’d do with an inheritance? We imagine a sudden windfall from a long-lost relative and think about the new car we’d buy, the long vacation we’d take, or the beautiful new home we’d move into. In reality, inheriting money can be a little more complicated, and it can give rise to unanticipated questions and concerns. Here are answers to four common concerns … [Read more...] about “What to Expect When You Receive an Inheritance”

“What to Expect When You Receive an Inheritance” (Audio) YOUR ESTATE MATTERS

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  "What to Expect When You're Inheriting" by Attorney Nicole Livingston The information contained in this post was provided by the American Academy of Estate Planning Attorneys. … [Read more...] about “What to Expect When You Receive an Inheritance” (Audio) YOUR ESTATE MATTERS