Close the Temporary Home Office

Tags

, , , , , , , , , , , , , , , ,

close the temporary home officeAfter closing an estate, the most gratifying task for an acting executor is to close the temporary home office. Typically, after satisfying all the rules of probate in a formal probate process, the executor will close the estate. As a result, the executor becomes an acting executor responsible for closing tasks as described in the article Estate Income Tax Returns: Review and File the Returns. In the end, the one closing task an acting executor likes is the final task: the task to close the temporary home office.

Continue reading

Estate Income Tax Returns: Review and File the Returns

Tags

, , , , , , , , , , , , , ,

review and fileThe time to review and file the estate income tax returns occurred simultaneously with closing the estate. According to the article Closing the Estate: Final Tasks to Close the Estate, on October 29, 2013, I was dealing with the professionals to send a final invoice. On that same day, the fiscal year returns, both federal and state, arrived in the mail for my review. Since the tasks of closing the estate and reviewing the fiscal year returns weren’t burdensome, the timing was fortunate. The arrival of the fiscal year returns would allow me to review and file the returns while closing the estate. So, the only task remaining after closing the estate would be dealing with the short year returns.

Continue reading

Track the Bank Fees in the Bank Statements

Tags

, , , , , , , , ,

bank feesWhen dealing with the decedent’s bank accounts, the executor must track the bank fees, if any.  Typically, in a common estate, an executor will close a decedent’s bank account without knowledge of any associated bank fees. Consequently, without examining the bank statements, bank fees may go unnoticed by the executor. If this happens, the oversight may carry through to the final accounting. Therefore, to avoid errors in the final accounting, the executor must look at the bank statements.

Continue reading