FIDUCIARY - The term Fiduciary originates from the Latin word Fiducia, meaning Trust. A Fiduciary manages the assets and/or property of someone else. In this case, the Personal Representative has a Fiduciary responsibility to the Estate and must always act in the best interests of the heirs or beneficiaries. In their role as a Fiduciary, they are charged with protecting and maximizing the value of Estate assets. It is imperative that the Personal Representative understand their role as a Fiduciary and conduct all business of the estate with prudence. An experienced Estates & Trusts attorney can assist you with understanding your role as a Fiduciary.
FINAL ADMINISTRATION ACCOUNT - An Administration Account is an accounting of all financial activity of a Probate Estate beginning with Assets Inventoried as of date of death, adjusting for Actual Sale Values, Income received, Expenses of Administration, Disbursements and Distributions to Heirs. If all business and tasks involved in Probating an Estate have been completed, then the Account is a Final Administration Account. Upon approval of a Final Administration Account, the Estate is closed.
FIRST AND FINAL ADMINISTRATION ACCOUNT - An Administration Account is an accounting of all financial activity of a Probate Estate beginning with Assets Inventoried as of date of death, adjusting for Actual Sale Values, Income received, Expenses of Administration, Disbursements and Distributions to Heirs. If all business and tasks involved in Probating an Estate have been completed, then the Account is a Final Administration Account. Some Estates must fie several Accounts prior to filing a Final Account. If the First Account will also be the Final Account, it is known as the First and Final Administration Account. Upon approval of a Final Administration Account, the Estate is closed.
FORM 1041 – IRS Form 1041 is an Internal Revenue Service (IRS) income tax return filed by the Trustee or Personal Representative of a Decedent’s Estate or Trust. Derived from Section 1041 of the Internal Revenue Code (IRC), Form 1041 is used to declare any taxable income that an Estate or Trust generated after the Decedent passed away and before designated assets were transferred to beneficiaries. The form is due by the 15th day of the fourth month after the Estate’s or Trust’s tax year ends.
FORM 4506-T - Formally known as "Request for Transcript of Tax Return," is a document used to obtain tax transcripts from the IRS. A tax transcript provides a summary of a taxpayer's tax return information, rather than a full copy of the filed return
FORM 504 - Maryland Form 504 is the Maryland Fiduciary Income Tax Return. It is used by Fiduciaries, such as Trustees or Personal Representatives, to report the income of an Estate or Trust for tax purposes in Maryland.
FORM 706 – IRS Form 706 ensures that estate taxes are adequately assessed for larger estates, while Form 1041 helps report the estate's income during the settlement process
FORM MET-1 - Maryland Form MET-1 is the Maryland Estate Tax Return, used to report and pay estate taxes to the state of Maryland.
FORM SS-4 – Formally known as "Application for Employer Identification Number (EIN)," is used to apply for an Employer Identification Number from the Internal Revenue Service (IRS).