{"id":82373,"date":"2021-03-22t12:30:23","date_gmt":"2021-03-22t16:30:23","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=82373"},"modified":"2021-03-26t08:01:15","modified_gmt":"2021-03-26t12:01:15","slug":"three-reasons-to-use-a-professional-for-estate-administration","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/03\/22\/three-reasons-to-use-a-professional-for-estate-administration\/","title":{"rendered":"family feud isn’t just a game show"},"content":{"rendered":"
\"jason
jason p. trenton:<\/strong> how to avoid family feuds.<\/figcaption><\/figure>\n

why you need an estate administrator pro.<\/b><\/p>\n

by anthony glomski and russ alan prince<\/i>
\nyour $5-million high-net-worth practice<\/i><\/a><\/p>\n

being named executor of an estate places many legal and fiduciary responsibilities on that person. an executor is entrusted with settling the decedent’s affairs, arranging for the payment of any income and estate taxes, and distributing the assets of the decedent\u2019s estate. in most cases, people choose a loved one or family member to serve as executor.<\/p>\n

more: <\/b>working with the ultra-wealthy<\/a> | become a thought leader<\/a> | working with the super-rich and single-family offices<\/a> | the family office model<\/a> | the new way to get the best clients<\/a> | the four-step process for client-focused business development<\/a> | life insurance as part of wealth management<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

\u201cunfortunately, i have seen executors neglect their fiduciary duties during the estate administration period, which has exposed the decedent\u2019s estate to unnecessary legal expenses, tax liability, and family feuds,\u201d said jason trenton, a top trust and estate attorney in the los angeles office of venable llp<\/a>\u2019s tax and wealth planning practice.
\n
\nto avoid these issues with your estate, here are three significant reasons for an executor to consult with a professional during estate administration or have a high-quality professional as the executor:\"two<\/a><\/b><\/p>\n

    \n
  1. filing the proper forms to protect the estate: <\/b>estate administration can be complicated and requires familiarity with the process, applicable statutes and tax forms. for example, the “portability election” allows a surviving spouse to make use of both his or her federal estate tax exemption and the exemption granted to a first-to-die spouse. the executor of the estate must timely file an estate tax return, form 706, to use the portability election. if not, the deceased spouse\u2019s exemption is lost.<\/li>\n
  2. protecting the executor:<\/b> there are many actions executors make that put them at personal risk. for example, executors are responsible for making distributions to beneficiaries. however, the executor becomes personally liable for any improper distributions made before taxes and other creditors are paid. to avoid these “at-risk distributions,” a professional can assist the executor by first ensuring all required debts are paid before beneficiaries receive their share of an estate.<\/li>\n
  3. protecting the estate\u2019s value:<\/b> an executor has a fiduciary duty to manage the estate\u2019s assets, such as stock portfolio, and protect its financial health. estates will sometimes have a stock portfolio or homes as part of the assets. if the executor does not properly protect these assets\u2019 value, he or she could be in breach of the fiduciary duty. consulting with a professional will allow the executor to act appropriately and react (if necessary) to market conditions.<\/li>\n<\/ol>\n

    when serving as an executor, a high-caliber professional will counsel the family throughout the entire process. having access to trustworthy client service will ensure the estate administration, from making distributions to filing the proper forms, is a smooth and stress-free process.<\/p>\n","protected":false},"excerpt":{"rendered":"

    \"\/\/www.g005e.com\/2021\/03\/22\/three-reasons-to-use-a-professional-for-estate-administration\/\"<\/a>
    \nwhy you need an estate administrator pro.<\/b>
    \nby anthony glomski and russ alan prince<\/i>
    \n    your $5-million high-net-worth practice<\/i><\/a><\/p>\n","protected":false},"author":3562,"featured_media":81862,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2741,1363,2732,3120,3002,2298,1906,3139],"tags":[],"class_list":["post-82373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-checklist","category-featured","category-personal-financial-planning","category-pro-member-exclusive","category-special","category-succession","category-tax-practice","category-wealth"],"acf":[],"yoast_head":"\nfamily 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