bonus checklist: 14 questions to answer.
by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor
question: i have a client who became the executor after his mother died.
more: 14 better uses for timesheet data | tossing timesheets is just the start | how’s your overhead? | 9 must-haves for firm growth | collect more by clearing up billing | envision your future, then plan for it | 5 ways to build teamwork
exclusively for pro members. log in here or 2022世界杯足球排名 today.
he has a brother and two sisters. they asked me to advise them, but i am not that familiar with handling estates. is there anything you can tell me to get me started?
answer: it is never good to work on things you are not familiar with, but doing so can provide that familiarity, as long as you cannot do any harm to the client.
one of the things you can do is help the client assemble the information, after which you can review it with them and refer them to an attorney, who you could then assist and work with them under his or her direction. that’s how experience starts.
also, any preliminary work you do will add value since it would make it easier for the attorney. following is a preliminary listing of information you should ask for.
- copy of will
- copies of any trusts executed by mother
- ask for copies of any gift tax returns that were ever filed
- listing of any gifts or transfers that were made in the last three years if over $13,000 per person for each year
- listing of other assets mother owned and how they are titled
- whether your client and his siblings are holding any of their mother’s funds in joint accounts or in their own account that the mother gave them
- mother’s last three income tax returns (if they have them, but must have at least the last one she filed)
- was mother a citizen of the u.s. and what state she was domiciled in
- if not a citizen of the u.s., then what country was she a citizen of, and where she lived
- was there any life insurance on the mother’s life – if so, need details of each policy or a form 712 from the insurance company for each policy that already made payments
- description of any real estate mother owned and if rental properties, details of the rent income and copies of any leases; and copies of the last real estate tax bills
- was will probated? – need a copy of probate papers
- was an estate bank account opened?
- if a tin was received for the estate then a copy of the irs letter with the number
the above should get you started.