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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 deceased person has nine months to file the proper tax return. It is possible that if the state does not have the liquidity to pay the tax filing requirement, you still must file what is known as a seven or six return. In 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 on the field of asset protection and elder law in the states of California and Florida. So, here we go. Someone passed away already. The emotional turmoil that comes with it causes most family members to not pay attention to the formalities that need to take place afterwards. However, the individual that must play a role in making sure that the steps are properly handled is the administrator or executor of the will. So, what happens? The person has to make sure that the tax returns are given to the accountant and they make the proper evaluation as to how much is owed. In the process, you have to know that it is time-consuming and demanding. It's only fair that the person responsible 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. In this case, direct payment may not need to take place right away because eventually the trustee will get paid. You are not personally liable for the failure to file the tax returns, meaning, if you fail to do so, the government isn't going to go after your personal primary residence, bank accounts, and other personal assets. However, you are put...