Estate Tax Returns: When To File And What You Need To Know

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  • Опубликовано: 4 дек 2024

Комментарии • 49

  • @Q2MarkSusieHays
    @Q2MarkSusieHays Год назад

    So helpful.

  • @slimdawgwoof
    @slimdawgwoof 3 года назад +6

    This is the best overview of this process I have ever found.

    • @absolutetrustcounsel
      @absolutetrustcounsel  Год назад +1

      Gosh, thank you so much Slim Dawg!

    • @maryharris2553
      @maryharris2553 Год назад

      do you have to file 1041 return

    • @absolutetrustcounsel
      @absolutetrustcounsel  Год назад

      @@maryharris2553 Hi Mary, This is Susie with the Absolute Trust Counsel team. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

  • @london4080
    @london4080 Год назад +4

    So helpful! Thank you for sharing this!

  • @johnaweiss
    @johnaweiss 3 месяца назад +1

    17:14 When Mom passed first, Dad didn't file estate return, just his own personal return. Mom's $100K IRA was transferred to Dad. That was 3 years ago. Now Dad is gone. Should the Trustee or Executor file an estate return for the year Mom passed, and each year since?

  • @empowered36
    @empowered36 2 года назад +4

    Thank you for making this information available.

  • @lisamongelli6733
    @lisamongelli6733 2 года назад +1

    Thank you so much u were a great help and I will be getting I. Touch..

    • @williams850
      @williams850 Год назад

      Hello Lisa
      how are you doing today?

  • @johnaweiss
    @johnaweiss 3 месяца назад

    17:28 Why isn't the exemption passed from the surviving spouse to the beneficiaries?

  • @johnaweiss
    @johnaweiss 3 месяца назад

    6:18 How can you transfer something if you're dead? Do you mean, if it's specified in the estate planning docs? Or you mean your trustee/executor can do the transfer?

  • @anhnguyenghet9093
    @anhnguyenghet9093 4 месяца назад +1

    Is Roth IRA included in the calculation net estate of decedent that you enter on form 706? Thx

    • @absolutetrustcounsel
      @absolutetrustcounsel  4 месяца назад

      "Hi, Thank you for your message. This is Moses from the Absolute Trust Counsel team. We'll need to gather more information from you to answer your question. We'd happily help answer your question by providing a consultation. Feel free to call us at 925.943.2740, you can email us at info@absolutetrustcounsel.com, or schedule a discovery call to confirm how we can help you by using our calendar here: absolutetrustcounsel.com/scheduling/. We look forward to meeting you. Sincerely, Absolute Trust Counsel"

  • @johnaweiss
    @johnaweiss 3 месяца назад

    7:07 Does that include assets which are part of a living trust?

  • @saranbaker
    @saranbaker Год назад +1

    what if the other assets like retirement account, IRAs etc already had beneficiaries and were paid directly to them?

    • @williams850
      @williams850 Год назад

      Hello Saran
      how are you doing today?

  • @wakethebarbarian4577
    @wakethebarbarian4577 Год назад

    The IRS provides confusing guidance on the matter of filing 1041 for an estate. They indicate that if there is more than $600 in income generated between the death of the decedent and the transfer to the beneficiaries a 1041 must be filed. The IRS says absolutely nothing about the exclusion ($11.7 million). What's the real story here?

  • @AG-mn5jr
    @AG-mn5jr 2 года назад +1

    On 1041 D... what is the date entity created? I read the 51 instruction...but Is it the date of death?
    The only income was 27 cents from verizon 16 cents from Discover and the refund of $72.00 over payment from oxygen company BUT in New Jersey one received a NJ Homestead Rebate... Is that considered income?

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад

      Hi AG, this is Kara with Absolute Trust Counsel. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

  • @alwaysatthefair
    @alwaysatthefair 7 месяцев назад +1

    how long after death is portability allowed to be filed?

    • @absolutetrustcounsel
      @absolutetrustcounsel  7 месяцев назад

      Hi, Thank you for your message. This is Moses from the Absolute Trust Counsel team. To answer your questions, we have to gather some additional information from you. In response to your questions, "It depends." We'd be happy to help answer your questions by providing you with a discovery call. Feel free to call us at 925.943.2740; you can email us at info@absolutetrustcounsel.com or schedule a discovery call to confirm how we can help you by using our calendar here absolutetrustcounsel.com/scheduling/.
      We look forward to meeting you.
      Sincerely, Absolute Trust Counsel

  • @thrillbilly41
    @thrillbilly41 2 года назад

    Intestate estate
    My dad passed August 2021.
    I didn't get an EIN and account until March 2022.
    Whatever the attorney did, it made filing for 1041 deadline as April of 2023 now?
    Nothing was sold from the estate in 2021 and nothing distributed. So did I need to (or should I still ) file an initial 1041 for 2021 for zero dollars? Will not having an EIN in 20201 prevent this from being filed? Will IRS reject 2022 1042 if no 2021 on file
    And then do I need to file another final 1041 for the this tax year to show dad's house selling while in probate to pay the debts?

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад +1

      Hi ThrillBilly, thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

  • @saranbaker
    @saranbaker Год назад +2

    I scheduled an appointment. I need help. LOL

    • @absolutetrustcounsel
      @absolutetrustcounsel  Год назад +2

      Hi Saran, thank you for your recent messages. This is Kara with the Absolute Trust Counsel team. I'm glad you made an appointment, we would love to help. Please feel free to contact our office directly by calling 925.943.2740 or emailing info@absolutetrustcounsel.com. You may also reach Margaret Schopp by calling 925.689.2200 or emailing info@schoppcpa.com. We look forward to hearing from you. Sincerely, ATC

    • @saranbaker
      @saranbaker Год назад +1

      @@absolutetrustcounsel thanks. My estate in in NY and I was told you do not help in NY

    • @absolutetrustcounsel
      @absolutetrustcounsel  Год назад +1

      @@saranbaker Hi Saran, thank you for your message. This Kara again with Absolute Trust Counsel. If you are a non-resident of California state, we cannot advise you. However, if you would like a referral to an Estate Planning Attorney in New York, please call us at 925.943.2740 or email your referral request to info@absolutetrustcounsel.com. Please let me know if there is anything else I can do to assist you. Best wishes, ATC

  • @shirleyfrench2895
    @shirleyfrench2895 3 года назад +1

    How are trust taxes different?

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад

      Hi Shirley, this is Kara with Absolute Trust Counsel. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

    • @williams850
      @williams850 Год назад

      Hello Shirley
      how are you doing today?

  • @kristichu8395
    @kristichu8395 3 года назад +1

    What if the decedent doesn't have surviving spouse and the assets are being transferred to the heirs. Do the heirs need to fire form 706?

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад

      Hi Kristi, this is Kara with Absolute Trust Counsel. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

  • @lisamongelli6733
    @lisamongelli6733 2 года назад +1

    What if I just want to liquidation bc they r still using her SSN I want that to be dead to that's not right..

    • @lisamongelli6733
      @lisamongelli6733 2 года назад +1

      How do I get a hold of this nice Margaret lady if I can I would really appreciate it TY...

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад +2

      Hi Lisa, thank you for your message. This is Kara with the Absolute Trust Counsel team. We hope you are doing well. And, thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. To reach Margaret directly, you may message her via her website: www.schoppcpa.com/
      You may also email her at info@schoppcpa.com or call her offices at (925) 689-2200.
      Thank you again for your message, we appreciate your support! If you would like to contact us for estate planning, please feel free to call us at 925.943.2740 or email us at info@absolutetrustcounsel.com. You may also schedule a free discovery call using the following link: calendly.com/absolutetrustcounsel/20min?month=2022-08.
      We also have many free resources on our website that may be of interest to you: www.absolutetrustcounsel.com
      We look forward to hearing from you. Have a great day! Sincerely, Absolute Trust Counsel

    • @lisamongelli6733
      @lisamongelli6733 2 года назад +1

      @@absolutetrustcounsel look forward on our interview..

  • @dennisjex2965
    @dennisjex2965 8 месяцев назад

    Do i hsve to file tax return for my mothers estate if interest is paid by beneficiaries. Split 4 ways

    • @dennisjex2965
      @dennisjex2965 8 месяцев назад

      Estate closed April 2023

    • @absolutetrustcounsel
      @absolutetrustcounsel  8 месяцев назад

      Hi Dennis, Thank you for your message. This is Moses from the Absolute Trust Counsel team. I'm sorry for the loss of your Mother. To answer your questions, we have to gather some additional information from you - so in response to your questions "it depends." We'd be happy to help answer your questions by providing you with a discovery call. Feel free to call us at 925.943.2740, you can email us at info@absolutetrustcounsel.com or schedule a discovery call to confirm how we can help you by using our calendar here absolutetrustcounsel.com/scheduling/. We look forward to meeting you. Sincerely, Absolute Trust Counsel

  • @PaulaRabishaw-x3m
    @PaulaRabishaw-x3m Год назад

    Why would my family keep me out of my father's will And what happens when I moved in with my father at 2008 and mom died at 2006 my father owen his home but my father lends my brotherlaw 67thousand to buy my sister a 67 mustand now my father had a legal bank statement that I found year after his dead that was a honorable agreement that 2018 the lone was to be payed in full by then now I found out that this was never intended to back because they wanted to sell the low market but my dad told that paula don't worry u will be taken care of but I never wascause they disheriant me

    • @absolutetrustcounsel
      @absolutetrustcounsel  Год назад

      Hi Paula, I’m a representative of ATC. We hope you're doing well and appreciate your comment. I’m sorry to hear about your situation. Feel free to call us at 925.943.2740, you can email us at info@absolutetrustcounsel.com or schedule a discovery call to confirm how we can help you by using our calendar here absolutetrustcounsel.com/scheduling/
      We look forward to meeting you.
      Sincerely, Absolute Trust Counsel

    • @Mr._Rick
      @Mr._Rick Год назад

      Just verifying that an small estate say sub 200,000 does not need to file a tax return. Also this is the second spouse dividing to 4 children.

  • @mml1224
    @mml1224 2 года назад +2

    i thumbed it and subs'd. However, i didn't see a long term or short term capital stock gain example? i know on 1040, the LT gains are zero taxes from 40 to 80k depending on filing status, any truth with that w/ estates taxes? thanks!

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад

      Hi MML, this is Kara with Absolute Trust Counsel. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel

  • @lenpresley8492
    @lenpresley8492 2 года назад +1

    House worth 85,ooo. In wifes name, in michigan. No will. 60,ooo. Lien on house . What do i do file, or no . No children .

    • @absolutetrustcounsel
      @absolutetrustcounsel  2 года назад

      Hi Ien, this is Kara with Absolute Trust Counsel. Thank you for your response to our interview with Margaret Schopp. Our goal is to provide helpful information to our audience. If you'd like to reach Margaret directly, please email her at mschopp@schoppcpa.com or feel free to call her at 925-689-2200. We appreciate your support. Sincerely, Absolute Trust Counsel