![]() There are two basic categories of taxes that estates deal with: one is the estate tax itself or sometimes called the death tax, and the other are income taxes, both the decedent’s final income tax returns and also the estate’s income tax returns, because the estate is its own income taxpayer during the estate administration. A lot of times, postmortem planning is looking at different elections and decisions that can be made. ![]() Tell me which taxes we’re talking about here. So, it’s a little bit of a misnomer, but when we talk about postmortem planning, we essentially mean decisions and elections that are made after someone dies to implement their estate plan effectively.Īnd it probably involves several different types of taxes. You have a much more flexible and dynamic plan, and much great ability for postmortem planning to have great effect and be very powerful. But I think postmortem planning is a bit of a misnomer because although it happens after death, some of the best postmortem planning is actually done before someone dies in the sense that, when an estate plan is created, contemplating that some of this post-death decision-making will be made, and builds in enough flexibility and contemplates what decisions might happen, and what elections might be made. Usually, it involves making decisions that optimize tax elections or change or optimize how assets pass in order to enhance and make the estate plan as efficient as possible. Well, JP, as its name suggests, postmortem planning is planning that’s done after death. I’m an ACTEC Fellow in Columbia, South Carolina, and my colleague Laura Beck is an ACTEC Fellow in Greenwich, Connecticut, and our topic is “Postmortem Planning.” Laura, when I say postmortem planning, what exactly do I mean by that? Resources for Law Associates & Students.Media Available to Share and Embed on Website.Publications and Videos for Estate Planning Professionals. ![]()
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