Should I delay final distribution to heirs of deceased parent while waiting result of filed final tax return?
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Should I delay final distribution to heirs of deceased parent while waiting result of filed final tax return?
Retained funds from distribution to heirs to protect myself after filing deceased
parent’s tax return. 3000 payment made to IRS but fear some medical deductions
could be disallowed. Should I continue to retain a small amount for a period of
time before final distribution?
Asked on April 10, 2017 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If you are a fiduciary of anything - trust, estate, whatever - you should always err on the side of caution when distributing funds if same is being done before actual finalization of the matter. It sounds like a distribution here would be premature. Hold off until the tax issue is resolved. Good luck.
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