A taxpayer's death triggers many filing requirements

Article Abstract:

There are several Federal tax returns that need to be filed after a taxpayer dies. The first of these is the decedent's Federal income tax return (Form 1040) which is due on Apr 15 of the year after the taxpayer's death. A second requirement is the Federal estate tax return (Form 706), to be filed on the ninth month following the decedent's death. A third required filing is for estate income tax returns (Form 1041), due on the 15th of the fourth month after the fiscal year of the decedent's estate has drawn to close. Also to be filed is the trust income tax return (Form 1041) due on April 15 of the calendar year after the year when the trust had taxable income, a non-US-based alien beneficiary, or an gross income of $600 or more. The required gift tax return is due on the 15th of April after the year when the gift was given. Specific requirements for the filing of these returns are discussed.

Management, Tax returns, Dead, Dead persons

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Post-mortem returns and civil tax penalty exposure: a guide through the maze

Article Abstract:

The laws governing the filing of tax returns for decedents, their estates and various trusts are unconnected and can be confusing. It is important to prepare such diverse returns properly and in a timely fashion in order to minimize the filer's exposure to tax penalties. Such penalties can drain the assets of the estate. Furthermore, the practitioner of such returns, if other than the inheritor, must pay special attention to procedure and deadlines to avoid malpractice claims.

Laws, regulations and rules, Prevention, Transfer taxes, Trusts and trustees, Trustees, Trusts (Law), Tax penalties

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Using options to allow donees to have the donor's cake and eat it, too

Article Abstract:

Nonqualified stock options are useful estate planning tools for transferring appreciated property which can be used in connection with entities such as family limited partnerships and grantor-retained annuity trusts. Planning for the use of options includes issues of valuation, securities law, pricing, discounts, and timing.

United States, Estate Planning, Stock Options, Methods, Executive compensation

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