DESCRIPTION
This module provides a practical overview of a tax practitioner’s role when advising clients and families before and after a taxpayer’s death. Participants will explore key aspects of the estate administration and probate processes, including the identification of probate versus non-probate assets and the role of essential legal documents. The course also covers key aspects of a decedent’s final Form 1040 and highlights related tax implications and planning opportunities. Through interactive discussions and a case study, participants will apply concepts to real-world scenarios and evaluate key post-mortem tax considerations.
LEARNING OBJECTIVES
- Evaluate the tax practitioner’s role in advising clients and families during end-of-life and post-death scenarios.
- Identify key documents (e.g., wills, trusts, powers of attorney, healthcare directives) and explain their relevance in the administration process.
- Analyze the probate process and distinguish between probate and non-probate assets.
- Determine the appropriate filing requirements and timing for a decedent’s final Form 1040.
- Compute taxable income for a decedent’s final individual income tax return using relevant facts and scenarios.
- Evaluate tax planning opportunities arising at death, including considerations related to the decedent’s final Form 1040, disclaimers, and relevant tax elections.
