Kathryn A. Murphy

Kathryn A. Murphy, Esq., is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.

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 & Trust Administration For Dummies
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
If your decedent’s probate estate (assets in his or her name alone, payable to the estate, or held jointly for convenience only) is of limited size, it may qualify for one of several small estate procedures, whether or not your decedent left a will. These streamlined procedures can save you time and the estate money.
Article / Updated 03-26-2016
Surviving spouses may have some important rights to collect on and decisions to make with regard to the will and the decedent’s estate. There are a few important rights, allowances, and decisions the surviving husband or wife needs to make when the decedent has died and probate has begun. Your duty as executor is to inform the surviving spouse of these rights as soon as possible.
Article / Updated 03-26-2016
If you filed a Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return, and/or a state estate or inheritance tax return, you need estate tax closing letters (letters saying that the IRS and the state have accepted the returns) before you can close the estate. At this point, you pay any added taxes caused by adjustments; if you’re lucky enough to avoid those, you may even get a refund.
Article / Updated 03-26-2016
As executor, you may feel that your job is primarily to write letters because you need to notify seemingly everyone and their uncle of the decedent’s death. Some entities and individuals may be more important than others, but you should notify them all as soon as possible. You can save yourself some time by creating your own version of a form letter that can be modified easily for each recipient.