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  • RE: Protecting personal tax allowance from estate tax

    I also have this problem. I am joint Executor and Trustee in a Will which has probate. A house was sold and another needs to be sold so the process is ongoing. Because banks do not pay interest on Executor accounts and the house sale generated a large sum of cash, we had to put the money in a joint savings account in our names. We wanted the money to earn interest for the estate. This is purely estate money. Who will pay the tax on the interest earned as it is estate income not ours personally