Q: My father passed away in July 2018 with a will, leaving my mother as executor. My mother then passed away in December…
She had a will which left me, as their only child, to be executor and recipient of everything she and my father owned. I have taken care of everything including taxes. My father had a pending court case of sorts and it appears he will receive funds as a result which I am told will go to his estate. I have become the succeeding executor now of his will. My question is in order for me to receive these funds will I now need to open a new estate banking account? Will I need to get an EIN number for him to do that ? And then if I have an EIN number don’t I have to file a tax return for his estate? I have been told that the funds that are coming from this court case will be tax free. Any advice is appreciated.
A: Speak to a CPA!
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