Final paper work is not just about papers, it is finding out that the duties of an executor/trix is like taking on another household. It is important that the tax accountant you use know's information that I might not know. The tax accountant should know it was their job… to ask…very specific questions…! It is important when the executor/trix visits the tax accountant they believe will be handling the Estate .. go to the meeting beliveing that you, as the executor/trix should have been shown something you do not know; they are the tax experts ...
Below is a testimonial to how a file was handled by a tax accountant that asked the right questions of the executor/trix:
I know my handling of my dad's estate would have been completely different had I not had an accountant that asked me questions…. Gave me lists!
I started helping my dad with his tax stuff soon after he got sick. He and I just used the routine method he had always taken to file his taxes. When he died, I assumed the routine would be the same but I would have to do it with out him this year.
Well, what a shocker… when I visited my dad’s accountant office after his death…. The need for the “Will” to even have them talk to me….surprised me; as I had been there at that same office several years prior to his death
Upon providing the office the Will, I was referred to a tax accountant. …. It was about proving to the government that I had the authority to act on his estate after his death. The power of attorney was not good after he died.
The 22 questions that the tax accountant asked me, helped me realize that the final personal return for my father required some i dotting and t crossing..
One example of the questions that were asked of me : We discovered that his walking impairment of the last two years resulted in him getting additional money back from those two years prior to his death…. Close to $2500 per year.
It was not that there was an error on the prior years, it was the question about disabilities in daily life, that was explained in better detail directed me to contact my dad’s doctor.
The tax accountant knew what I might not know and knew I might assume things. She knew it was her job… to ask me…very specific questions…
There were items my father willed to his underage grandchildren, they had to be set up specific to ensure we did not need to keep the estate open for the years they were under age. She knew what to do to get the estate finalized…
