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February 2016 Archives

Don't forget the plans required before your estate plans kick in

When you think of estate planning, you probably think of considerations such as wills, funeral plans and what you want to leave behind for heirs. While all of those are valid considerations for your estate plan, don't forget to make plans for the years before those needs occur. How do you want to spend the last years of your life, and how will those plans impact your end-of-life and estate plans?

What is a Form 1041?

A Form 1041 is a form published by the Internal Revenue Service that provides the executors of estates or administrators of trusts the ability to report estate or trust income. Note that reporting estate or trust income is different than reporting income for a deceased person. An executor usually has to file a regular income tax return for applicable income for a deceased person's income within a last living year.

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