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

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.
• Recognize how the CPA can provide value to the family in the administration of a client's estate.