What Is a Fiduciary Deposit Account?
February 5, 2021
A fiduciary deposit account is an account that’s owned by one or more persons but managed by another. The owner is known as the principal, while the manager is known as the fiduciary. These accounts are sometimes used to handle … Continue reading →
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A Guide to Schedule K-1 (Form 1041)
January 26, 2021
Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiaryâs share of an estate or trust, including income as well as credits, deductions and profits. … Continue reading →
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Can I Inherit Debt?
January 14, 2021
When someone passes away leaving debts behind, you might be wondering if you have any personal liability to pay them. If you have aging parents, for instance, you may be worried about having to assume responsibility for their mortgage payments, … Continue reading →
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