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

Losing a loved one is difficult, but those challenges can be magnified by the complex array of income, estate, and state tax reporting, tax elections, and financial decisions. What are the issues practitioners need to consider to best help clients? What steps can they take to make this challenging life event a little bit easier? When someone passes away, a family member or friend is usually tasked with the responsibility of evaluating a variety of options that either need to or should be taken in order to protect and preserve assets for the deceased’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 records 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.

Featured Charity: American Cancer Society.

Email us your questions or ideas in advance and we’ll include them in our discussion

*This may constitute attorney advertising.
*No CPE, CLE, etc. is offered but a certificate of attendance will be provided.

Speakers: Martin Shenkman, and Joy Matak of Sax LLP.

Thursday June 15, 2023 4:00-5:00 pm EST



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