The estate and executor (personal representative) still have quite a few obligations. Read on for an overview of inheritance law in California.
Taxes and Inheritance Law
As stated above, California does not impose taxes on estates or inheritances. However, the estate still has to file tax returns.
- EIN (Employer Identification Number): The estate must file for an EIN before filing any tax returns. There is no charge and it can be done entirely online, or by fax or mail.
- Federal/State Income Tax Returns: The deceased’s final personal income tax returns must be filed by the usual tax return deadline (typically April 15) in the year following their death.
- Federal Estate/Trust Income Tax Return: This must be filed by the usual tax return deadline in the year following the individual’s death.
- Federal Estate Tax Return: For individual estates with a gross asset and prior taxable gift value above $11.4 million, this must be filed nine months after the individual’s death.
- Extensions: Extensions for these returns are generally very easy to obtain.