Probate and Estate Attorney in Newport RI

"'In this world nothing can be said to be certain, except death and taxes." ~ Benjamin Franklin

After death, if there is no trust to avoid probate, a “personal representative” known as an executor (will) or an administrator (no will) is appointed by the Probate Court to execute or administer the estate. One aspect of a personal representative’s duties is often overlooked or forgotten entirely causing delay and penalties to the estate and possible liability. It is the responsibility of the personal representative to see that all taxes are paid. This may mean: a final tax return for the decedent; income tax return(s) for the estate itself; and estate tax returns (State and Federal). In the case of smaller estates in Rhode Island where the decedent held an interest in real property, it is necessary to file documents proving that you owe no state taxes to clear the title to the estate.

The personal representative should consult with the attorney for the estate and a qualified accountant to determine the best valuation date for the assets of the estate. There are other important accounting and tax decisions to be made as well. For example, in some cases it is wise to “disclaim” bequests in order to avoid taxes. [With thanks to the KLR tax report (July 2009) for reminding me of this important topic]


------------------------------------------
The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.