The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates

After a client passes away, there is much more to do than just prepare a final Form 1040, U.S. Individual Income Tax Return. Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family. Postmortem planning also applies to federal Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return; state death tax returns, if needed; and income tax returns for the estate and any revocable trusts set up during life. Although many accountants routinely handle the preparation of the final personal return, fewer accountants acting as fiduciaries are as adept at taking advantage of the alternatives available to them when preparing Form 1041, U.S. Income Tax Return for Estates and Trusts. What follows are the most important tips for doing so.

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