When Must You File Estate Form 706?
How to Deduct Administration Expenses for a Decedent, Estate, or Trust
How Marital Trusts Work

10 Common Pitfalls for Estate and Trust Administrators to Avoid

Don't take a lump sum distribution from a pension plan, IRA, or deferred compensation plan.

When you’re trying to figure out exactly how much the estate owns, you may be tempted to liquidate everything into cash. Don’t give into that temptation when it comes to any sort of pension plan, IRA, or deferred compensation plan. As soon as you cash out, the estate owes income taxes on every penny that the decedent hadn’t already paid tax on.

  • Add a Comment
  • Print
  • Share


Promoted Stories From Around The Web

blog comments powered by Disqus
How to Find the Estate Planning Documents
Meet Probate Court and Tax Deadlines for Estates and Trusts
How to Obtain Probate Court Approval of an Estate’s Accounts
What Is State Inheritance or Estate Tax?
How to Complete Parts 1 and 2 of Estate Form 706