When a loved one passes away, you may discover that you now have the monumental task of administering the estate at a time when you are still mourning the loss of a spouse, sibling, parent, child, etc. We are here to help. We can step in and take the burden off your shoulders to helping with the probate process. Our prompt, knowledgeable administration of estates can help save probate expenses and reduce excessive taxation.
We can assist estate executors with probate
The executor or administrator of the estate has the important task of administering the estate efficiently and properly. The important duties assigned to the executor include the following:
- Submitting important documents to the probate court
- Locating beneficiaries
- Preparing and filing necessary tax forms with the state and federal government
- Collecting and organizing assets within the estate
- Paying any outstanding estate debts
- Valuing, managing and liquidating estate property
- Collaborating as necessary with experts on real estate, automobiles or other assets
Estate and inheritance taxes
Not all estates owe estate or inheritance taxes, especially after Congress recently amended the federal tax code and expanded the amount exempted from estate taxation. Though, Maryland residents should be aware that there is a different exclusion amount for state taxation.
We can help you in evaluating the following tax issues:
- Evaluating deductions to reduce the taxable estate
- Calculating the fair market value of the estate
- Preparing estate and inheritance tax forms
- Reviewing the estate and inheritance tax closing letter
- Representing the estate in an IRS or state revenue department examination
- Appealing inaccurate proposals of estate or inheritance tax amounts made by the IRS or state revenue agents
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We are ready to assist you and your family during this difficult time and can help answer important questions about the probate process.