The Tax-Collector's Second Coming

Inheritance tax may be the biggie as far as the probate process is concerned, but it's not the only tax to rear its ugly head. While in the throes of distributing the estate, watch out in case the following taxes become due:

The Tax-Collector's Second ComingCapital Gains Tax. If the deceased's assets are sold for more than the value at the deceased's death, then Capital Gains Tax (CGT) may be payable.

The Tax-Collector's Second ComingIncome tax. Income from the estate is liable for tax from the date of death until it has been fully administered.

I delve deeper into both scenarios below.

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