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Estate Has Few Assets and Significant Tax Obligations

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  • 03-07-2014, 12:01 PM
    cgmandros
    Estate Has Few Assets and Significant Tax Obligations
    My question involves estate proceedings in the state of: Pennsylvania

    I am executor of my partner's will and I have 3 questions. There are only enough assets to cover the funeral and burial expenses in his account, but he never paid his income tax for 2012 or 2013 (only due now). Question 1...I'm OK with paying the accountant for the convenience of filing his taxes for those years but do I need to file taxes if he has only enough assets to pay for the funeral/burial? Question 2...before I knew how few assets and how much debt he had I went to the lawyer who drew up his will and he filed his will with the courthouse and requested the short certificates. Am I responsible to pay the lawyer, and do I even need a lawyer if there are more debts than assets? Thanks in advance...this is all new territory for me.
  • 03-09-2014, 08:55 AM
    Mr. Knowitall
    Re: Estate Has Few Assets and Significant Tax Obligations
    As a fiduciary of the estate, you are responsible to file the final tax return for the decedent and the tax return for the estate. Whether or not the estate has money to pay its taxes is an entirely separate issue.

    If you, personally, retained the lawyer, then you, personally, owe the bill. The same is true if you guaranteed payment. Read your retainer agreement to determine your obligations.
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