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Video instructions and help with filling out and completing Fill Form 5495 Estates

Instructions and Help about Fill Form 5495 Estates

Okay I'm gonna run through real quick here the process I went through earlier just this morning when I obtained an EIN number for my grandmother's estate the estate that I'm the executor for simple process easy to do it only takes maybe 10 minutes or so to do it but there are a few tricky places that I'll try my best to explain to you how I handled them alright first thing went to Google estate tax ID number first and now a lot of these people are advertising because they want to do it for you and charge you for it or they want to tell you how to do it and charge you for that I'm going to tell you right now for free and you'll be able to get an estate tax ID number easily quickly in minutes online for free now you'll city there are you know not telling you I'm not a lawyer I'm not giving legal advice and I'm not telling you to do it on your own without a lawyer that's up to you you kind of have to make the judgment call as with all these things whether it's worthwhile to pay the lawyer or not sometimes it is but especially if you have a big complicated estate but anyway I'll try to point out the issues as I solve them first I do click on the IRS I go there plan for employer identification number click apply online now oh you might have noticed on that screen talked about hours of operation I ran into that last night tried to apply it 11 o'clock at night for whatever reason even though it's all done online all automated they're only open certain hours I think it's between 7:00 in the morning and 10:00 at night or something like that Eastern Time so an only Monday through Friday so just be aware of that all right click begin application you want an estate tax ID not a corporation one not a trust one estate this is for probate property that I'm taking through probate for my grandmother's estate if I want to you know get closed out one of her bank accounts I'm gonna have to give them an estate tax ID number so that's why I'm getting one this just talks about what it is what in this state is all right here the first thing you're gonna do is enter information about the deceased person their name and their social I'm gonna pause because I don't want my grandmother's or my personal information being put out all over the web so I'll fill this out click continue and turn this back on we get to the next all right and next screen says please choose one individual or existing business I am the executor myself as an individual so I'm gonna click if your lawyer for instance was the executor that would be an existing business I click individual and continue next thing it's gonna ask is information about me so I'm gonna fill that out oh when I get down here it's gonna ask fiduciary title in my case some executor I just looked at the court appointment letter and that's what it called me now if it called me an administrator or personal representative then I suppose I would use those terms but it called me executor so that's what I'm going to use let's just choose one yeah again if you're the one doing it you choose this one if it's a third party which you know you sell those ads earlier if you pay someone they'll do it for you but no reason for that alright I'll be back with you in a second alright next screen asks the mailing address for the estate I'm gonna use my address because that's where I want things to come to I suppose I could use so my grandmother's address for instance but we'll be selling the house and so that won't be that won't work for very long so I'm going to use my own home I Drive you can see my high speed green sticky there I'm just blocking out the name of the estate the next there is a couple tricky things in this screen and again this is where you know this is the kind of complication that might drive someone to go hire an attorney to handle it and that might be a good idea in many cases but for me I decided to do it myself and I'll just explain to you the thought process I went through okay first of all County where a state is probated you can see there by default I put my County Prince William County Virginia but my grandmother lived and died and owned property in Fairfax County Virginia so the estate and that's where I was appointed executor so the the her estate is being probated in Fairfax County so when I did this earlier I had to change that to Fairfax which by the way I didn't notice that issue until I got all the way to the end of the process and I had to restart but again once you do this once you see you know you know what you're doing so it goes very quickly all right date a state-created funded probated for that and it gives you a little if you click that it tells you it says it's stationary the date of death of the decedent or the date when the estate was legally funded I you know so I think I could have gone with September which is when I was appointed executor and when I'm going to be funding a new bank account so I could have what September 2022 but I just put July because I didn't see any reason which is the date of death because it said you could and I didn't see any.

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