A bill becomes law if signed by the President or if not signed within 10 days and Congress is in session. If Congress adjourns before the 10 days and the President has not signed the bill then it does not become law (Pocket Veto.)
Amounts paid. or reasonably expected to be paid during estate administration are deductible on Form 706; or, executor can elect to. claim some administration expenses on Form 1041 when paid. On Form 1041, expense is subject to 2% adjusted gross.
Legal fees and certain other professional fees for estate planning or trust administration may be deductible for federal income tax purposes in some circumstances. This article reviews the deductibility of fees for individuals (on IRS Form 1040) and for trusts (IRS Form 1041).Deductions for Individuals.owever, fees relating to estate planning may be deductible when incurred for: (1) the production or collection of income; (2) the management, conservation or maintenance of property held for the production of income; or (3) tax advice and tax planning.