An executor’s fiduciary duties include paying continuing expenses; for instance, mortgage(s), property taxes, utilities, and homeowner’s and auto insurance premiums. The executor must also pay income taxes and file an income tax return for the year in which the person died.
An executor frequently needs advice and has to supply accounting records for:
Fiduciary accountings for estate or trust
Detail investment performance and provide reports
Tax planning to minimize taxes for an estate, trust or beneficiary
Capital gains and losses
Prepare cash flow reports, income statements and balance sheets
Calculate fiduciary commissions
Assign assets and transactions for beneficiaries and draw up schedules
NJEPRC’s estate accountants and CPA’s specialize in filing all the tax documents that an executor or administrator will require. Call NJEPRC for a free consultation.