What About Payment Of Death Taxes?

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What About Payment Of Death Taxes?

Another important function of the probate division is to provide for the collection of any taxes which might have been due by reason of the deceased`s death or on the transfer of his or her property. The administration of the estate normally may not be closed until all death taxes (state and federal), final income taxes, fiduciary income taxes and personal property taxes have been paid. The Missouri Estate Tax Law has completely eliminated Missouri death taxes for most small and medium sized estates. Thus, a Missouri Estate Tax Return is necessary only for estates for which a federal estate tax return must be filed. Such estates are those involving more than $600,000 of probate and nonprobate assets.

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