My sister passed in2015. As executor, I need to know if there is anything I need to do this year with IRS. All death certificates, etc.., were filed for 2015 year. She left very little, less than $4500 each went to six family members. How do I go about closing ID numbers for "revocable trust" and "irrevocable trust" accounts? Thanks.
1 Answer from Attorneys
It should not have taken you several years to handle an estate absent unusual complexities. No one should ever probate an estate without a lawyer and, if there are taxes, a CPA, so you should be asking your CPA and lawyer. If you made payments to heirs before determining if taxes were do, you completely messed up, can be sued personally, can be removed as executor, and may be responsible for the added money due the IRS in penalties. An estate with an executor AND trusts is FAR more complex than most probates and would be almost impossible to do right without counsel. In other words, get with a lawyer and CPA ASAP, as in today, since today is the 2017 tax deadline. Hopefully you got it right. But no one here will know.