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February 1, 2021

You’ve Named the Wrong Executor, Now What?

Maybe you thought that a member of your immediate family — perhaps your spouse or oldest child — would serve as the executor of your estate. Or you may have planned for a close friend to handle these duties. But the person you assumed would be the obvious choice turned out not to be the best one for the job.

Notably, choosing the “wrong” executor could cause a multitude of problems. For example, missteps by this person could lead to financial or logistical troubles. He or she may make mistakes that hinder the probate process or jeopardize estate planning benefits. And the executor might make decisions that defeat your intentions. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Estate executor, Family Wealth Planning,
September 23, 2020

Naming Your Executors and Trustees

Have you chosen the executor of your estate? How about the trustee for trusts you intend to establish? It’s important to select someone who’s capable of handling these duties on your family’s behalf.

In some cases, the executor of your estate and the trustee of your trusts will be the same person. In any event, it’s vital to designate a successor to both of these positions. (See Sidebar below, Provide a stand-in for these roles) (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Estate executor, estate planning, Trustee,
June 6, 2016

Attention Estate Executors: New Tax Basis Reporting Requirements

By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth and Individual Tax Group

Executors of taxable estates required to file an estate tax return (Form 706) after July 31, 2015 are now subject to a new tax basis reporting requirement, intended to ensure consistency between the estate and its beneficiaries.   (more…)

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Categories: Family Wealth & Individual Tax Planning, Spring 2016
Tags: anu joshi, Estate executor, Form 706, IRS, July 2015, San Jose Estate Tax Planning,

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