[WSBAPT] Closing Estate - Tax Return Pending

Thu Sep 8 11:00:08 PDT 2022

I've done it that way for years....(maybe I've been wrong all this time?). I've never had a bank say anything to a PR in this instance where there is already an existing estate account and you are just depositing a refund and writing out final checks.

Here is the full section RCW 11.68.114:
(1) The personal representative retains the powers to: Deal with the taxing authority of any federal, state, or local government; hold a reserve in an amount not to exceed three thousand dollars, for the determination and payment of any additional taxes, interest, and penalties, and of all reasonable expenses related directly or indirectly to such determination or payment; pay from the reserve the reasonable expenses, including compensation for services rendered or goods provided by the personal representative or by the personal representative's employees, independent contractors, and other agents, in addition to any taxes, interest, or penalties assessed by a taxing authority; receive and hold any credit, including interest, from any taxing authority; and distribute the residue of the reserve to the intended beneficiaries of the reserve; if: (a) In lieu of the statement set forth in RCW 11.68.110(1)(e), the declaration of completion of probate states that: The personal representative has completed the administration of the decedent's estate without court intervention, and the estate is ready to be closed, except for the determination of taxes and of interest and penalties thereon as permitted under this section;

Jennifer L. White, Esq.
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jen at appletreelaw.com<mailto:jen at appletreelaw.com>
PO Box 11037
Yakima, WA 98909
509.225.9813

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Philip N. Jones
Sent: Thursday, September 8, 2022 10:47 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Closing Estate - Tax Return Pending

I would be thrilled to hear that that is correct.  But I suspect that your bank will not be on board with that interpretation.
Has anyone tried it?
Phil Jones

Philip N. Jones
Duffy Kekel LLP
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Portland, OR 97204
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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Nick Pleasants
Sent: Thursday, September 8, 2022 10:38 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Closing Estate - Tax Return Pending

Brent,
Closing under RCW 11.68.114 means the PR "retains the powers to: Deal with the taxing authority of any federal, state, or local government;"
I would think depositing and distributing a federal tax refund falls squarely within that power.
Best,
Nick
Nicholas Pleasants | Shareholder

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Brent Williams-Ruth
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To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>>
Subject: [WSBAPT] Closing Estate - Tax Return Pending

Wise Members of the List -

I have an estate that I believe I may close, but want to verify.

Everything is done EXCEPT the filing of the last tax return where there will be a TAX REFUND back to the Decedent who had pre-paid quarterly taxes in advance of passing and is getting a tidy sum back.

11.68.114 deals with OWING taxes, penalties, fees, etc. but says nothing about keeping the estate account open to receive a refund. I presume that it would be also permissible to keep the estate account open to receive that refund and then issue final distribution to beneficiaries at that time.

Am I correct that we can close down and do the remaining closing process with that same language of 11.68.114 or do I just need to have everything sit in crock-pot mode until the tax refund is obtained?

Thank you!

Brent

Brent Williams-Ruth (pronouns: he/him)
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