ENG2621. When a Client Dies: Advising the Family on Tax and Financial Issues Involved in the Administration of the Estate (TAX, PFP)

This session provides a comprehensive review of the myriad of tax and financial issues involved in the administration of a client’s estate, including:
• first steps to take upon learning of a client’s passing;
• coordinating efforts among the financial advisors assisting the family;
• planning for and preparing federal and state estate tax returns, including the federal portability election;
• planning for and preparing federal and state individual income and fiduciary income tax returns, including a review of the various income tax planning issues and elections that arise;
• discussing various financial planning issues that the family faces, including qualified retirement plan distribution options; and
• advising on any generation-skipping income tax elections and issues.

Learning Objectives:

• Identify the tax and financial planning issues involved in the administration of a client's estate.
• Determine the tax compliance issues faced in the administration of an estate.
• Identify how the CPA can provide value to the family in the administration of a client's estate.