Taxation of Deceased Estates

Taxation does play a part in what follows. The dear departed, depending on the will of course, would usually leave a pool of assets and liabilities for the executor to administer. When thinking about the taxation issues perhaps consider these questions:

• Are there ways to transfer the assets to the beneficiaries tax free?
• Can assets be chosen by each beneficiary, separate from the will?
• Are there tax differences if the executor or beneficiary sell particular assets?
• What will be the tax costs for the beneficiries?
• Will testamentary trusts be created?
• Are there penalty rates of tax that could apply