ACC317 Advanced Federal Taxation

Accounting
Tutor: None Selected Time limit: 1 Day

Using the article, The 10 most powerful postmortem planning pointers for trusts and estates By Karen S. Cohen, CPA, discuss at least two planning pointers that would be beneficial in preventing improper estate planning.  Provide at least one example.

    http://www.journalofaccountancy.com/Issues/2012/May/Estate-planning-20125011.htm

 Explain other key benefits of estate planning?

Dec 3rd, 2015

Thank you for the opportunity to help you with your question!

1.selecting a fiscal year end for the estate.

the assets that generated some income for the client when they were alive continues to bring income to them even after they are dead.an estate income tax return will need to be filed each and every year.until the assets are distributed to the beneficiary by the estate,in order to generate a Schedule K-1 to each residual beneficiary to the extent distributions  made.

2. prepare for a fiscal and final return when possible.

an year and 65days are enough to settle smaller estates. the fiduciary can then file only one estate Form 1041 that is both an initial and a final return, saving the family money. Where possible, the fiduciary has to  make that happen by making sure that timely distributions are made to beneficiaries and that any remaining assets are unlikely to generate the more than $600 of taxable gross receipts that would raise  an additional return filing need.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Dec 3rd, 2015
Explain other key benefits of estate planning?


Dec 3rd, 2015

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