Should I delay final distribution to heirs of deceased parent while waiting result of filed final tax return?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 4 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption