Legal Question in Wills and Trusts in Texas

taxes

My sister is the executor to my parents estate. We are about to sell their home and we also got a settlement check from my father that he had outstanding before

he past. After creditors are pay if there is a balance on their estate and it will be distruted between 5 silbings who is responsible for paying taxes on the balance and how to we go about it. Thank you. ble for the taxes on my parents estates


Asked on 5/21/03, 4:23 pm

2 Answers from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: taxes

I'm not sure which taxes you are talking about. Almost all taxes are paid by the estate before distribution. That includes property taxes that may be due, your father's last income taxes, etc. If the estate is large enough to have to pay estate taxes (death taxes on estates over $1MM) you want to get a CPA that's familiar with the calculation for estate taxes.

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Answered on 5/21/03, 5:02 pm
Cheryl Rivera Smith The Smith Law Firm

Re: taxes

You will need to prepare your father's income tax return for the final year he was alive. Any tax service will be able to do this. Texas does not have a death tax for estates under $1,000,000. If the estate is over $1,000,000, you should contact an accountant to handle the estate tax return.

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Answered on 5/21/03, 6:58 pm


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