My mother recently passed away. I am a joint owner (with survivorship) of all her checking accounts and CDs. By Georgia law, I own the accounts upon her death and they pass outside of probate. I am also the sole heir of her estate and the executor. My attorney and CPA say the accounts should be closed and re-opened in my name and SSN. The estate is small, and won't meet the criteria for filling out any forms for estate tax (there are none in 2010), nor come close to the carryover basis of 1.3 million on the total estate. Obviously, I will pay all debts owed by her. I've already paid her funeral expenses and am working on her medical expenses. Should I apply for a tax ID for the estate? It won't meet the $600 income criteria for filing a Form 1041.
Untitled
Unless you find a need to open a bank account in the name of the estate, there is no reason to apply for an estate EIN. The current bank accounts are, as you've noted, not an issue.
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Unless you find a need to open a bank account in the name of the estate, there is no reason to apply for an estate 