In closing an estate, does revenue recorded while alive but payment received while deceased still go towards the estate?
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In closing an estate, does revenue recorded while alive but payment received while deceased still go towards the estate?
Or is that revenue lost?
Asked on February 14, 2014 under Estate Planning, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Income in respect of a decedent must be inclu-ded in the income of one of the following.
The decedent's estate, if the estate receives it.
The beneficiary, if the right to income is passed directly to the beneficiary and the beneficiary receives it.
Any person to whom the estate properly distributes the right to receive it.
Answer: The income is estate income if received by the estate after death.
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