Estate Tax Planning - Post Mortem

Estate Tax Planning - Post Mortem

• Federal Estate Tax Return 
• Determine size and composition of the estate
• Determine "Adjusted Taxable Gifts" made after December 31, 1976.
• Determine gifts made between September 8, 1976 and December 31, 1976.
• Use blank Form 706 as questionnaire or checklist.
• Examine title documents.
• Examine income tax returns.
• Compute Estate taxes.
• Consider post-mortem income and estate tax planning.
• Consider a Disclaimer
• Choose a fiscal year or a calendar year.
• Make preliminary calculations regarding income or estate tax deductions.
• Create tickler system.
• Note deadlines and checkpoints
• Apply for actuarial calculation, if necessary.
• Consider alternate valuations.
• Obtain appraisals of tangible property and real estate.
• Pay deductible expenses.
• Check for "Flower" (or "Tap") Bonds.
• State Estate Tax Return
• Consider alternate valuation.

Source: ©1993, Massachusetts Continuing Legal Education, Inc.