After a client’s death, financial and tax outcomes are shaped not only by the estate plan itself, but also by decisions made during the administration process. Executors and advisors must evaluate liquidity needs, asset disposition, valuation choices, and available tax elections, all while coordinating estate, income, and transfer tax considerations. This course introduces the practical and strategic issues that arise after death and explains how post-mortem decisions can materially affect taxes, cash flow, and beneficiary outcomes.
Learning Objectives
- Assess liquidity requirements during estate administration
- Identify planning techniques that can improve estate cash flow
- Apply valuation and timing elections to common estate scenarios
- Recognize income tax issues affecting decedents and estates
- Evaluate when post-death elections may reduce overall tax exposure
Major Topics
- Identifying short-term and long-term cash needs of the estate
- Evaluating funding sources for expenses, taxes, and distributions
- Timing of distributions and management of estate cash flow
- Asset sales, redemptions, and other liquidity strategies
- Coordination of estate tax and final individual income tax filings
- Income taxation during administration and income in respect of a decedent
- Valuation approaches and available valuation elections
- Installment payment options for estate tax liabilities
- Special elections affecting closely held business interests
- Use of disclaimers and beneficiary planning after death
- Spousal planning options and qualified interest elections
- Application of portability and exemption planning after the first death
