Legal Question in Wills and Trusts in California
Laws Governing Executor of Estate
A relative passed away in May '05. The executor is an heir and has given each heir the amount they will receive in '07, the executor is requiring each heir to pay income tax on that amount for '05 but the heir will not receive the amount until 2007 is that legal to do?
Does California have a law regarding how an executor administers a deceased person's estate and will.Is there a time limit or can the executor drag it out as long as they wish. Is the executor required to give the heirs a list of assests and liabilities.
3 Answers from Attorneys
Re: Laws Governing Executor of Estate
Income tax is paid by the estate and the heirs receive their share after those taxes have been paid. That does mean that they do pay the taxes indirectly by receiving less. But to me it seems that the executor does not know what he/she is doing. I recommend seeking a probate attorney in your area.
Sincerely,
Kai H. Wessels, Esq.
(tel. 877-wessels)
Re: Laws Governing Executor of Estate
you should consult an qualified attorney to determine whether or not this estate is being handled correctly or not.
Re: Laws Governing Executor of Estate
Heirs do not pay income taxes on an estate, the estate pays income tax for the estate. Heirs receive their payments AFTER all taxes have been paid.
It wounds like the executor does not know what he or she is doing.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
