TAX2512. When a Client Dies: Advising the Family on Tax and Financial Issues Involved in the Administration of the Estate

A comprehensive review of the myriad of tax and financial issues involved in the administration of a client’s estate including: 1. First steps to take upon learning of a client's passing; 2. Coordinating efforts among the financial advisors assisting the family; 3. Planning for and preparing Federal and state estate tax returns including the federal portability election; 4. 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; 5. Discussing various financial planning issues that the family faces including qualified retirement plan distribution options; and 6. Advising on any generation skipping income tax elections and issues.

Learning Objectives:

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