TIPS OF THE TRADE: THE IRS WILL GET ITS MONEY, JUST NOT FROM YOUR CLIENT-FIDUCIARY
By Michael A. Gorini, Esq.*
The purposes of a trust administration and a probate administration are identical: settle the decedent’s affairs and provide finality for the decedent’s successor(s) in interest. This article focuses on a common professional practice that undermines that goal of finality, namely: the withholding of a reserve amount for potential federal estate or income tax liabilities.