Trust and Estate Tax Tidbit

Did you know that when a single person passes away, his or her executor generally must file two income tax returns for the year of death? The first return relates to the period during the calendar year while the individual was still alive. The second return relates to the remainder of the year and is filed on behalf of the individual’s estate. If a married person who was filing jointly with his or her spouse passes away during the year, the surviving spouse still may file a joint return even though the other spouse died during the calendar year.

Mr. Zell often assists clients in preparing the final individual tax return for the decedent and the estate’s income tax return and in evaluating and selecting the myriad post-mortem income tax planning opportunities and elections that an executor must make to minimize income and estate taxes. Many of the choices are linked to decisions on the estate tax return that must be filed within nine months following the date of death.

This page features blog posts, articles and podcasts of interest in the area of income tax planning and compliance.  For legal and tax advice, please give Wayne Zell a call at 703-218-2177 or email him at wayne.zell@ofplaw.com.

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