Originally Published by The TaxLetter Vol. 26, No. 6, June 2008   www.adviceforinvestors.com

Wrapped up in red tape Have you been named an executor or trustee? Eileen Reppenhagen, CGA

We act like we are going to live forever. Why would I be any different? When I die, what I own and what is receivable net of what I owe must be managed, insured against loss or damage, and accounted for. The income and capital appreciation will be taxed until eventual disposition. That will take months or even several years to accomplish. How have I prepared my executor for this job? Like most people, I don’t take daily steps to clean up my affairs as if I’m likely to die at any moment. I plan to live until I’m at least 80, and all my assets are gone. I love the bumper sticker that reads, “I’m spending my kids’ inheritance.” I don’t even have kids. People do die young, but ...  Signup for The TaxLetter and read Eileen's full article every month

Eileen Reppenhagen, CGA, ACG, Certified QuickBooks ProAdvisor, and Honorary Member of the Institute of Professional Bookkeepers of Canada, writes and speaks about accounting and tax.  She is a regular contributor to Canadian MoneySaver, The TaxLetter and Intuit Canada’s Advisor Advantage.   All articles are copyright protected.  Most articles are not available for re-print unless you obtain permission from third parties.  Please respect copyright. For more information or permission to re-print please contact  eileen@taxdetective.ca If you obtain permisison to re-print an article, include this tagline:   "Eileen Reppenhagen, CGA is a Certified QuickBooks ProAdvisor and speaks and writes about accounting and tax.  Contact her at www.taxdetective.ca".