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Posted by A.G. Kalman on April 15, 2006, 2:47 am
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Taxpayer died in March before tax returns were filed. T/P
had all assets in a revocable family trust. T/P also had a
will. The will has the terms on how the residual estate
should be distributed. The residual estate is only personal
belongings. There were also retirement accounts outside the
trust that had designated beneficiaries. The successor
trustee is also the executor. Trustee/executor signed and
filed the 1040. There is a tax refund.
The distribution rules in the will are slightly different
then the distribution rules in the trust. Named individuals
in the will are the same ones named in the trust.
No estate tax return is required to be filed. EIN has been
assigned to the irrevocable trust that came into existence
upon the death of the T/P. Estate has no income producing
assets and there does not appear to be any reason to obtain
an EIN for the estate as no income tax return will be filed
for the estate.
When the federal refund comes in, which document determines
how the refund is to be distributed - trust or will?
I am assuming it is the will as the refund seems to be part
of the residual estate.
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