Legal Question in Wills and Trusts in Arizona
an estate accont
In an estate account, me being personal rep. Is there a set amount of money in it before tax? And if I remove money from account is there tax on me or on the estate?
1 Answer from Attorneys
Re: an estate accont
There are really too few details here for us to see exactly what your question is. There is no income tax to the recipients of an estate; it is a gift, not income. If estate assets accrue income after the death, such as interest, appreciation or capital gain, the estate may owe tax, depending upon the amount of deductions. If the estate if over the limit, there may be death taxes.
It is tricky to properly handle an estate in a probate or trust without at least advice of an estate attorney if not representation by that attorney. The estate pays the fee, and that protects you from liability. If you want a free, no obligation consultation you can call 480.835.1500. Or consult with another attorney.
Best regards.
Related Questions & Answers
-
Legal doc. transfer of executor of estate Asked 2/28/07, 6:34 am in United States Arizona Probate, Trusts, Wills & Estates
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
