EST2512. Post-Mortem Tax Elections

Planning does not end when the client dies. This program will discuss post-mortem tax elections that may be made on the decedent’s final income tax return, the fiduciary income tax return, a gift tax return, the estate tax return and elections available for generation-skipping tax purposes. The discussion will include methods available to protect the fiduciary, the estate’s fiscal year election, the administration expense election, the alternate valuation election, the Section 643(e) election, portability, the QTIP election, qualified domestic trusts, disclaimers, death of a partner, S corporation stock, the Section 645 election, Section 6166 deferral of estate tax and generation skipping tax elections.

Learning Objectives:

• Determine how to protect the fiduciary from liability when administering an estate or trust.
• Identify the number of available post-death elections available to an executor or trustee to minimize income, estate, and generation skipping taxes.
• Distinguish how to make the various post-mortem elections available to the fiduciary.