Accounting, Taxes & Finance Archives

Is There a National Standard for Estate Accounting?

Estate-accounting requirements are primarily governed by state probate law, court rules, court orders, and the terms of the will. As a result, no single bookkeeping format is mandatory for every estate in the United States. However, a nationally developed framework provides useful guidance for executors, attorneys, accountants, courts, and beneficiaries. The central expectation is that

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About Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return

The executor of a decedent’s estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips. Here is the IRS publication explaining Form 706: About Form 706, United States Estate

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From Bankrate.com: What happens to a bank account when someone dies?

Recommended Reading From the Bankrate.com What happens to a bank account when someone dies? Written by Karen Bennet Published Sept 16, 2020 This article addresses questions relating to… What if you’re a signer on a joint account? What if the decedent account holder did not name a Payable on Death or Transferable on Death designee?

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Washington State Estate Tax Changes

Washington State Estate Tax – New Legislation Effective July 1, 2025 The following bullets summarize the estate tax changes in the State of Washington according to the Washington Department of Revenue. Applicable exclusion amount changes to $3,000,000. CPI calculation for the exclusion amount changes to the Seattle municipal area. Tax rates range changes to 10%

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What is a Medallion Signature Guarantee?

Medalion Signature Guarantee | 5-minute read Estate Accounting| Estate Asset Transfer | Estate Fiduciary A Medallion Signature Guarantee is a special certification used to authenticate signatures on securities transactions — for example, transfers of stocks, bonds, or mutual fund shares. It is stronger than a standard notarization because the guaranteeing financial institution verifies the signer’s

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What is Step-up Basis? via Massey and Company CPA

What is Step-Up Basis | 5-minute read Step up Basis | Inherited Assets | Inheritance Taxes Step Up in Basis at Death: Essential Guide for Inherited Assets Click HERE for the original article by Gary Massey CPA Summary: “The step-up basis is a tax code rule that resets the value of an inherited asset

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IRS Publication 561: Determining Value of Donated Property

The Link: Publication 561 (02/2024), Determining the Value of Donated Property Source: The Internal Revenue Service Publication 561, per the page introduction, “is designed to help donors and appraisers determine the value of the property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to

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Understanding Inheritance Advances and Inheritance Loans

Inheritance Funding | 3-minute read Estate Loan | Inheritance Loan | Inheritance Advance Inheritance Funding Options are defined, per finder.com… An inheritance advance, an advance on your inheritance amount. An estate loan, a secured loan that uses your inheritance as collateral. Inheritance Advance To put it simply, an Inheritance Advance is an advance of money

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Estate Inheritance? Don’t Blow it!

Estate inheritance money can soften the blow of a loss. Undeniably it is nicer to cry in a new Lexus than in a 1986 Ford Taurus. Undoubtedly, listening to Uncle Carmine give you inheritance advice is better while on a beach somewhere. However, consider it’s 20 years later, and that trip you took, and the

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Estate Personal Property and the IRS

Personal Property Valuation | 3-minute read Appraisal of Estate | Valuation of household and personal effects | Estate Tax The valuation of household and personal effects, i.e. Personal Property of the decedent, is governed by US Law. Via the Cornell Law School’s Legal Information Institute, the section regarding “Valuation of household and personal effects” can be

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State Estate Tax/State Inheritance Tax

State Estate Tax and State Inheritance Tax| 5-minute read Estate Accounting| Estate Tax | Estate Fiduciary Main Link: SmartAsset: Estate Taxes by State; Inheritance Taxes by State First, state tax laws change. Therefore, the information in the link provided has not been verified by Executorium and is presented as a guideline. Accordingly, please consult an

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Iowa Senate passes inheritance reductions …

The Link: Iowa Senate passes inheritance, acceleration of income tax reductions bill despite fiscal dilemmas Date of Publication: March 18, 2021 Source: The Center Square Reading Time: 2 min The Iowa Senate has unanimously approved a bill that would gradually phase out the state’s inheritance tax, eliminating it entirely by 2024. Senate File 576,

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