I am the executor for the estate of my friend. The will says that she "leaves everything to me." Her estate is only the house, its furniture, and $3,000.00 in checking. Her savings account ($60,000) at the local bank and her one stock market account ($2,000,000) are already registered as TOD to one local charity. Yes, two million to one charity. My lawyer said that the TOD accounts are outside of the will and I can't even get an executor fee on it. She died in January of 2020. I have the responsibility to file her 2019 income tax. In 2019, her stocks made over $150,000 in profit. I'm assuming that she owes money to the state and the feds for income tax on the 2019 investment gains. Does the charity (beneficiary) have to pay the 2019 income tax on her TOD investments or does it come out of what I earn from selling the house and furniture? Is there anything I should be doing while I am waiting for the probate surrogate court to officially appoint me the executor?
Thank you so much,
