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For estates larger than the current federally exempted amount, any estate tax due is paid by the executor, other person responsible for administering the estate, or the person in possession of the decedent's property. That person is also responsible for filing a Form 706 return with the Internal Revenue Service (IRS). In addition, the form must ...
An attempt to end the Ohio estate tax was blocked in 2001 when state revenues began to drop and intense lobbying from a league of suburban municipalities lobbied for a continuation of the tax. In 2007, the Ohio estate tax was again proposed for amendment or repeal. A repealing the estate tax of Ohio was enacted by its general assembly during ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
A: The executor fee is calculated in many states as a percentage of probate assets, not time spent. Probate assets mean the decedent's assets that pass through the estate and not by beneficiary ...
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In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.