Stites on Estates

Category Archives: Estate Administration

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What to Do with an Estate with Foreign Assets (Even that “Little” Bank Account in Europe)

Posted in Estate Administration, Income Tax Planning, Trust Administration
This article regards estates of decedents who owned foreign assets and the tax and reporting requirements.  Many people are quite shocked to learn about the reporting requirements for foreign bank accounts, in particular.  After all, tax is typically being paid in the foreign jurisdiction, or perhaps the foreign bank accounts generate little to no income… Continue Reading

What About the “Stuff”? – Options for Distributing Tangible Personal Property from Estates or Trusts

Posted in Estate Administration, Estate Planning
During an estate or trust administration, it’s easy to divide and distribute financial assets. Distributing tangible personal property (such as furniture, collections, artwork, jewelry, etc.) can be much harder. Executors, trustees, and beneficiaries are usually very surprised by how little household goods and personal property are worth in an estate administration context. Nonetheless, simply because… Continue Reading

Avoiding Family Fights In Estate Administration

Posted in Blended Families, Estate Administration, Estate Planning, Life Cycle Estate and Financial Planning
Estate administration can be a frustrating experience for families and their advisors, because it’s an occasion when families fight. Sometimes the fights are necessary, and unavoidable. Many other times, to a detached observer, the fights seem silly. Whether justified (or not), whether necessary (or not), conflict makes estate administration cost more (even when litigation doesn’t… Continue Reading