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Your Tax Advisor™

Death & Taxes Issues

Contact Us (212) 576-1592

CPA Services For Death In The Family

One of your most important duties as executor or administrator of a deceased person’s estate is to look after the tax affairs of the decedent. This involves filing various calculations and tax returns listed below:

  • The Decedent’s Final Income Tax Return
  • Fiduciary Income Tax Returns
  • Stepped-Up Basis for Inherited Property
  • Federal Gift & Estate Tax Returns
  • State Tax Returns

The opportunities for tax planning often outlive the decedent. Postmortem tax and estate planning is critical to ensure that the decedent’s last wishes are carried etc out at a minimum tax cost. This planning is usually aimed at either minimizing the estate’s or the beneficiaries’ overall tax liability or helping to facilitate the payment of taxes. This requires knowledge of the many elections and planning alternatives that are available. Are there income or estate tax elections that could be beneficial in the circumstances? If so, how can they be claimed? When and how should you fund bequests? Should disclaimers be used? Should you elect to have qualified terminable interest property qualify for the marital deduction? Should any elections be made to maximize the decedent’s generation-skipping transfer tax exemption? How to pending changes in existing law affect the tax picture? Unless you can answer these questions, you will need counsel on these issues.

An experienced tax accountant/CPA or tax attorney should review the estate plan to determine if there are opportunities for adjustment to take into account circumstances that were not considered during the decedent’s life, or to adjust for changes in facts. 

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