My mom just passed, what tax, legal and financial matters do I need to address?

June 19, 2023

Losing a loved one is difficult, but those challenges can be made more challenging by the complex array of income tax reporting, estate tax reporting, state tax reporting, tax elections, financial decisions and more. What are the issues practitioners need to consider in order to help clients? What steps can practitioners in any discipline take to make this tough life event a little bit easier? When someone passes away, a family member, friend or other person is immediately tasked with the responsibility to evaluate a variety of options that either need to be taken or perhaps should be taken in order to protect and preserve assets for the decedent’s heirs.   We will endeavor to demystify many of the complex tax and other issues to be addressed through a conversation focused on the practical steps of an estate administration following the death of a loved one.   There are a host of tax decisions to be made, such as determining the tax year for the estate, identifying filing requirements, and evaluating various tax elections and opportunities, even if no estate tax will be incurred. If an estate tax might be due, the number of decisions multiplies. From a financial perspective marshalling assets, addressing retirement plan payouts for the decedent, setting up estate bank and other accounts, and other steps all need to be addressed. From an administration standpoint, regardless of the size of the estate, an estate balance sheet should be prepared and detailed regards and account statements obtained for each asset. The personal administrator should likely hire a professional advisory team - even for modest estates. The program will also suggest steps that might reduce the likelihood of unhappy beneficiaries and the risks of litigation.   Speakers: Martin Shenkman and Joy Matak. Featured Charity: American Cancer Society.   *This may constitute attorney advertising. * No CPE, CLE, etc. is offered but a certificate of attendance will be provided.