Do you know – really know – that your estate is in a good place for your heir(s) and executor? If you have any doubts about where you stand financially or where they’ll be when it’s time for your estate to be executed, now is the time to find out. We may be able to help – contact us.
In a typical estate administration, the executor pays creditors and then distributes the remaining assets to the beneficiaries. However, in an insolvent estate, the executor is like a locomotive pulling along a train of creditors, each of whom is affected by the load of the railcar to its forward. And with the Internal Revenue Service emboldened by the strength of federal law and a recent case in which federal taxes were deemed a higher priority than fiduciary fees, unwitting executors could be traveling on a path towards derailment.”
Read More: Insolvent Estates of Wealthy Decedents