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Your Executor Duties (304)
Author: Holmes F. Crouch
Pages: 224
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  • Summary

    YOUR EXECUTOR DUTIES (T/G 304) covers petitioning for "Letters Testamentary," the powers authorized by independent administration, appraising the decedent's gross estate, and the relationship between his/her "final" Form 1040, the death tax return (Form 706), and Form 1041 (income after death). Also covered:

    • Priority of inventory & appraisement
    • Dilemma with the "marital deduction"
    • The 19 schedules on Form 706
    • The 20 "during life" transfer questions
    • Advisory notices & executor fees
    • Settlement & closure of the estate

    Table of Contents
    Your Executor Duties
    Book:  304
    
    Table of Content
    
    1.  FIRST THINGS FIRST                          1-1
        
        How Appointment Known                       1-2
        “Conformed” Copy Advantageous               1-3
        Problems With Co-Executors                  1-4
        Limit Your Predeath Queries                 1-6
        When Death Occurs                           1-7
        A “Funeral Observer” Only                   1-8
        Circulate at Family Gathering               1-10
        Read Names of Distributees                  1-11
        Start 9-Month Calendar                      1-12
        Beware of “Stalking”                        1-14
    
    2.  MUST TAKE CHARGE                            2-1
    
        Retrieve the Original Will                  2-2
        Sticky Access to Safe-Deposit Boxes         2-2
        Difficulties With Attorneys                 2-3
        Visit Your Public Library                   2-5
        Study Your Executorial Powers               2-7
        Note Key “Statutory” Dates                  2-9
        10 Copies of Death Certificate              2-10
        Open Estate Checking Account                2-12
        Focus on Your Primary Function              2-13
        The Matter of Executor Fee                  2-15
    
    3.  LETTERS TESTAMENTARY                        3-1
    
        The Practicality of Letters                 3-2
        Overview of Procedures                      3-3
        First: You Must Petition                    3-6
        Essential Elements for Filing               3-8
        Public Notice of Death                      3-9
        Proof of Subscribing Witness                3-10
        Acknowledgment by Named Noticees            3-12
        Your Appearance at the Hearing              3-13
        Get 3 Copies of “Letters”                   3-15
        When the Claims Come In                     3-17
        Formal “Creditor’s Claim”                   3-18
    
    4.  INDEPENDENT ADMINISTRATION                  4-1
        Distinctions in “Administration”            4-2
        How Authority Obtained                      4-3
        Authority Not Unlimited                     4-4
        Examples Requiring Supervision              4-5
        Advisory Notice of Certain Actions          4-6
        Transfer of Nonprobative Assets             4-8
        Set Up “Books of Account”                   4-10
        Certified Copies of Will                    4-13
        Employ Attorney “When Needed”               4-14
        That “Final” Form 1040                      4-16
    
    5.  INVENTORY & APPRAISEMENT                    5-1
    
        Gross Estate “Tax Defined”                  5-2
        “Fair Market Value” Defined                 5-4
        Role of Probate Referee                     5-5
        Step 1: Collect & Organize                  5-8
        Real Estate & Trust Deeds                   5-10
        Stocks, Bonds, & Mutual Funds               5-11
        Cash, Checking, & Savings                   5-12
        Contracts, Loans, & Judgments               5-13
        Businesses, Partnerships, & Trusts          5-14
        Tangible Personal Property                  5-15
        Life Insurance, Pensions, & Annuities       5-17
        Gifts, Transfers, & Appointments            5-18
        Personal Effects & Memorabilia              5-20
        Alternate Valuation Date                    5-21
        Putting It All Together                     5-22
    
    6.  FEDERAL FORM 706                            6-1
    
        Introduction to 706                         6-2
        When Filing Required                        6-3
        Be Always Prepared (to File)                6-5
        General Format & Instructions               6-7
        The “Probing Questions”                     6-9
        The Asset Schedules                         6-12
        The Deduction Schedules                     6-13
        Credit & Other Schedules                    6-14
        Estates Under $600,000                      6-16
    
    7.  UNFAMILIAR MATTERS                          7-1
    
        Section 2044 Property Explained             7-2
        The Q/TIP Election                          7-4
        Transfers During Decedent’s Life            7-5
        Frustration re Gift Tax Returns             7-7
        Joint Ownership Interests                   7-8
        Those Interpretive “Twists”                 7-10
        Attach Trust Instruments                    7-12
        General Power of Appointment                7-14
        Attach Proper Disclaimer (s)                7-15
    
    8.  DEDUCTIONS ALLOWED                          8-1
    
        “Property Subject to Claims”                8-2
        Actual Funeral Expenses                     8-4
        Attorney and Executor Fees                  8-5
        Other Administration Expenses               8-6
        Necessary Selling Expenses                  8-7
        Debts of the Decedent                       8-8
        Mortgages, Liens, and Taxes                 8-10
        Losses During Administration                8-11
        Expenses Not Subject to Claims              8-12
        Charitable and Public Bequests              8-13
        Adjustments to Charitable Bequests          8-15
        Why Deductions Important                    8-16
    
    9.  THE MARITAL DEDUCTION                       9-1
    
        One Deduction Only                          9-2
        The Statutory Wording                       9-4
        Exemption Credit (Against Tax)              9-5
        A Dilemma Is Created                        9-6
        Qualifications Required                     9-6
        Schedule “M” Bequests                       9-8
        Section 2056 (b) Limitations                9-10
        Power-of-Appointment Exceptions             9-12
        Charitable Remainder Trusts                 9-13
        Completing Schedule M                       9-14
    
    10. DEATH TAX COMPUTATION                       10-1
        
        Tax Rates Start High                        10-2
        Adjusted Taxable Gifts                      10-4
        Examples of “Tentative Tax”                 10-5
        The Unified (Exemption) Credit              10-7
        Sequence to “Applicable Tax”                10-8
        Credit for State Death Taxes                10-10
        Credit for Tax on Prior Transfers           10-12
        GST “Add-On” Tax                            10-14
        Filings, Extensions, & Payments             10-15
    
    11. FIDUCIARY FORM 1041                         11-1
    
        The Fiduciary (Corpus) Estate               11-2
        Filing Date Confusion                       11-4
        Introduction to Form 1041                   11-5
        Income Producing Assets                     11-7
        When Assets Are Sold                        11-9
        Computer Matching “Nightmare”               11-10
        Certain Deductions Allowed                  11-11
        Income Distribution Deduction               11-13
        Tax Computation and Payment                 11-14
         
    12. CLOSING MATTERS                             12-1
    
        Preview of Closing                          12-2
        The “Fiduciary Estate” and You              12-3
        Sales, Etc. Documentation                   12-5
        Set Up “Tax Free” Reserve                   12-6
        Reappraise the Nonsaleables                 12-8
        Prepare Accounting Summary                  12-9
        Alert the Distributees                      12-10
        Prepare the “Final Petition”                12-11
        Final Notice to Distributees                12-14
        Judgment on Final Distribution              12-15
        Information in Distribution Letter          12-18
        When Closing is “Final”                     12-19

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