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Jack R.
Jack R., Attorney
Category: Estate Law
Satisfied Customers: 6147
Experience:  Part of the 'Save the Dream
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my step mother lived off a trust account ($500000) THE MONEY

Resolved Question:

my step mother lived off a trust account ($500000) THE MONEY SHE RECIEVED FROM THIS ACCOUNT I ASSUM IS TAXABLE BUT BECAUSE HER care USED UP ALL THE MONY THERE IS NO money left to pay the tax man
will I be responsible to pay the taxes?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Jack R. replied 1 year ago.
Thank you for choosing Just Answer. My name is XXXXX XXXXX I will assist you today. I need a little more information.

Does your step mom have any other assets ?

Does she have any other source of income ?
Customer: replied 1 year ago.

she passed away leaving all her money to a cousin


my concern is since I was listed as the executor in her will ...will I have to pay her taxes

Expert:  Jack R. replied 1 year ago.
If the estate is insolvent then there is nothing to be paid. If the estate has assets then these assets must be sold to pay the tax man. The executor is not personally responsible for the tax debt. If the IRS pursues collection you just need to tell them the estate was insolvent and there we no assets to sell. There is nothing more the IRS can do.
It is possible the IRS may have knowledge of other accounts because of 1099s filed. This would of course be useful information to you as the executor.

Please accept my answer with a rating of 3 or better so I may get credit for my response. If you have follow up questions please ask. Please note that paying the deposit does not cause funds to be disbursed until you rate my response (3 or greater).
Jack R., Attorney
Category: Estate Law
Satisfied Customers: 6147
Experience: Part of the 'Save the Dream
Jack R. and 8 other Estate Law Specialists are ready to help you

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