It is the executor or trustee’s duty to file all necessary estate tax returns and pay tax due. Taxes that involve Bucks County estates include: Pennsylvania Fiduciary Income tax, Federal Fiduciary Income tax, Pennsylvania Inheritance Tax, Federal Estate Tax, Federal Gift Tax, and Generation Skipping Tax.
There are specific deadlines for each type of tax due and each corresponding tax return. Bucks County estate lawyer, Michael J. Saile of Saile & Saile LLP guides his clients through the requirements for each type of estate tax. If estate tax is not properly paid, severe tax penalties and interest can be assessed against the Bucks County estate by the taxing authorities. If interest and tax penalties are assessed against the estate, the executor or trustee could be held personally responsible for breaching his or her duties.
Our experience in preparing hundreds and hundreds of estate tax returns has taught us many strategies to minimize and sometimes eliminate certain estate taxes. It takes an experienced estate lawyer to know how to employ these tax saving strategies.
Saile & Saile LLP has been preparing estate tax returns for over thirty years. Contact us to set-up an appointment to discuss taxes involving your Bucks County estate.