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Articles & Books From Kathryn A. Murphy
Article / Updated 10-06-2022
As of January 1, 2013, an additional 3.8 percent tax was added to investment income in estates and trusts, thanks to provisions in the Health Care and Education Reconciliation Act of 2010. It's not an additional tax on every dollar, but only on the lesser of undistributed net investment income or any amount of adjusted gross income in excess of the highest tax bracket in any year.
Cheat Sheet / Updated 02-25-2022
As the fiduciary of an estate or trust, you have many duties, beginning immediately upon the decedent’s (deceased person’s) passing. You’re also guaranteed to become intimately familiar with a host of tax forms you may not have known existed.Tax forms to know as the fiduciary of an estate or trustWhen you’re administering an estate or trust, you may have to prepare a seemingly endless array of tax returns.
Article / Updated 07-06-2021
If you are serving as executor for a loved one's estate, you’ll need to consider all the stuff you find in the decedent’s residence (or residences). Everything the decedent owned outright on their date of death is now under your care as executor; you’re responsible for making sure that you account for this stuff and that it ends up where it’s supposed to.
Article / Updated 03-13-2020
When you’re administering an estate or trust, you may have to prepare a seemingly endless array of tax returns. The following table lists some of the most popular ones. Check with your accountant or attorney if you have any questions.
Federal Tax Form Number and Name
When It’s Required
When It’s Due
Form 1040
U.
Estate and Trust Administration For Dummies, 2nd Edition (9781119543879) was previously published as Estate and Trust Administration For Dummies, 2nd Edition (9781118412251). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.
Step by Step / Updated 03-10-2017
When you’re asked to administer a trust or estate for a relative or friend (especially if that person didn’t have a will), this important responsibility can feel overwhelming during an already difficult time. Here are ten pitfalls that often trip up unwary administrators — and that you should avoid:Don't fail to terminate an existing real estate purchase and sale agreement.
Article / Updated 03-26-2016
Lines 9–17 of the Estate Form 706 are to remind you of other property that may be includible in the decedent’s estate. If you aren’t including it, the IRS wants an explanation.
Line 9: If any insurance on the decedent’s life isn’t included on the return, answer “yes” on line 9a, complete Schedule D, and attach as an exhibit Form 712, Life Insurance Statement, together with an explanation of why the policy isn’t includible in the estate.
Article / Updated 03-26-2016
Knowing where the decedent’s domicile (where the decedent had his or her primary residence) was at date of death is key when figuring out where you must probate the assets and what state you must pay taxes to (although real estate is subject to state estate or inheritance tax, if any, in the state in which it’s located).
Article / Updated 03-26-2016
Not all estate investments are created equal, and certainly not in their treatment by Congress and the Internal Revenue Code (IRC). There are many types of investments, such as wages, rental income, deferred retirement income, royalties, interest, and short-term capital gains that are taxed at the highest applicable rate of the taxpayer (in 2013, that could be as high as 39.
Article / Updated 03-26-2016
Everyone makes mistakes. When determining if a mistake with your estate or trust is malpractice, it’s the nature of the error and what steps are taken to rectify it that counts.
Professional malpractice covers quite a bit of ground. Among the reasons you may claim malpractice are cases where a professional has been negligent, where a professional has acted unprofessionally according to the standards set by his or her peers, and where there is a fee dispute.
