As the saying goes “only two things in life are certain: death and taxes.” But, taxes are even more persistent than death. Death only comes for you once but not even death can stop the IRS. Trusts and Estates pay taxes just like the rest of us.
Part of managing the estate after a loved one passes away can include the need to file many different tax returns. It is not unusual to be required to file three to four income tax returns. You may be required to file a last year of life income tax return, an income tax return for the estate, an income tax return for one or multiple trusts, a Washington estate tax return, and a federal estate tax return. Failing to file required returns can in some circumstances leave you liable for taxes.
At RLG we can help you determine which taxes are due and help you file those returns as part of settling the estate. Our accounting team works hand in hand with our attorneys to help you manage the settlement of the estate and payment of taxes efficiently and effectively.