👉

Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Video instructions and help with filling out and completing Who Must File Irs Form 966

Instructions and Help about Who Must File Irs Form 966

When an individual passes away the estate of that diseased person has nine months in order to file the proper tax return and it is possible that if state doesn't have the liquidity to pay the tax filing requirement but you still must buy what is known as a seven or six return this video we are going to answer the question who is actually responsible for finding the statutory greetings my name is Patrick Franco with jessep protection center I am an estate planning attorney focused in the field of asset protection and elder law out in the state of California and Florida so here we go someone passed away already the emotional turmoil that comes with it causes most family members that really pay attention to the formalities that need to take place afterwards well the individual that must play role in making sure that the steps are properly handled is the administrator at the executory p2 will so what happens the person has to make sure that the tax returns are given to the accountant are there and they make the proper evaluation as to how much is older in the process you have to know that it is time-consuming it is a demanding role and it's only fair that that person usually must be paid a reasonable fee which is usually clearly spelled out within the trust now naturally it's not unusual for the trustee to also be a beneficiary of the trust and in which case maybe that direct payment doesn't need to take place right away because eventually the trustee will get paid now you are not personally liable for the failure to file the tax returns meaning let's say you fail to do so the government isn't going to attack you personally and try to grab a hold of your personal primary residence your bank accounts and things of that nature however you are put into what is called a fiduciary role which is the highest duty that a court can appoint to an individual so you want to take that with responsibility hopefully and make sure that you do it right so you do have to act in a proper manner the way what is called as a reasonable prudent person will act under those circumstances so that's the tip for the day if you want to find out more go ahead and visit us at asset protection center calm or call me at seven one four nine six six two six four six and we can go over the proper steps of administering ta state and found the tax returns thank you for watching and I'll see you next time you.

If you believe that this page should be taken down, please follow our DMCA take down process here.