Taxation of Deceased Estates
When a dear family member passes away you need some time to grieve. That comes first and foremost. Take the time to settle yourself before you even think about the financial and tax side, there is time for this.
Taxation does play a part in what follows. The dear departed, depending on the will of course, would usually leave a pool of assets and liabilities for the executor to administer. When thinking about the taxation issues perhaps consider these questions:
- are there ways to transfer the assets to the beneficiaries tax free?
- can assets be chosen by each beneficiary, separate from the will?
- are there tax differences if the executor or beneficiary sell particular assets?
- what will be the tax costs for the beneficiries?
- will testamentary trusts be created?
- are there penalty rates of tax that could apply