Post-Mortem Administration Checklist for the CPA Financial Planner

Given the low frequency of deaths in any particular client base, many CPAs have not yet gained much experience with death-related issues. As a result, many of those unfamiliar with post-mortem administration may miss several important opportunities or fail to avoid major pitfalls. Conversely, those...

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Bibliographic Details
Published inThe Planner p. 11
Main Author Whitehair, Andrew L
Format Trade Publication Article
LanguageEnglish
Published New York American Institute of Certified Public Accountants 01.05.2014
Subjects
Administrative expenses
Beneficiaries
CPAs
Estate administration
Estate planning
Estate taxes
Financial planners
Fiscal years
Guidelines
Income taxes
Investments
Passive activity
Post mortem estate planning
Revocable trusts
Stockholders
Tax rates
Tax returns
Taxable income
United States > US
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Summary:Given the low frequency of deaths in any particular client base, many CPAs have not yet gained much experience with death-related issues. As a result, many of those unfamiliar with post-mortem administration may miss several important opportunities or fail to avoid major pitfalls. Conversely, those familiar with the intricacies can provide some well-thought-out strategies for future generations' success. The following post-death checklist provides some key areas to consider when handling your client's estate: 1. IRC Section 645 Election, 2. Fiscal Year Ends, 3. S Corporation Status, 4. Charitable Set-aside Deduction, 5. IRA Planning, 6. IRD Deduction, 7. Estate/Trust Distribution Planning, 8. Final Individual Tax Return, 9. Verify Basis "Step-Ups" and 10. Section 754 Election.
ISSN:0895-3570