Postmortem Estate Planning: Navigating Decedent's Estate Issues

Overview

In the ever-evolving field of estate planning, addressing the complex issues that arise upon a client’s death is of utmost importance. Postmortem estate planning plays a critical role in managing various aspects, including the decedent’s estate tax return, final income tax return, estate income tax return, and the financial planning of the heirs. This comprehensive course equips practitioners with a thorough understanding of after-death planning issues related to a decedent’s estate.

Highlights

Understanding the intricacies of alternative valuation date and its implications. Gaining insights into the considerations surrounding portability. Identifying opportunities and requirements for installment payments of estate taxes. Exploring the strategic use of QTIP elections under IRC Schedule 2056(b)(7). Recognizing the benefits and implementation of qualified disclaimers. Understanding the complexities of basis issues in postmortem planning. Addressing issues related to the payment of estimated taxes. Navigating the requirements and considerations for the decedent’s final income tax return. Managing medical expenses in the context of postmortem estate planning. Exploring strategies to optimize savings bond interest acceleration. Understanding the implications and process of estate fiscal year and accounting method elections. Maximizing benefits to beneficiaries by distributing administrative expenses efficiently. Exploring the utility and requirements of the sixty-five-day rule election. Understanding income and deductions in respect of the decedent (IRD) and its implications. Navigating planning considerations pertaining to qualified plans and IRAs

Prerequisites

Basic understanding of estate planning

Designed For

CPAs, EAs, attorneys, financial planners, insurance agents, and bankers

Objectives

At the end of this course, you will be able to: Recognize the planning issues that surface while dealing with the estate of a decedent