Maximizing the benefits of deducting an estate's debts and expenses

Article Abstract:

Estate planners should consider the deductibility of an estate's common debts and expenses when helping their clients during postmortem planning. Among the considerations in such an endeavour is the timing of the deduction, which in some cases can be claimed in one of many places, including the decedent's final income tax return or the fiduciary income tax return. Other considerations include the legality of certain deductions under local laws, and the valuation of debts and expenses for deduction purposes.

Public Finance Activities, Tax Deductions & Exemptions, Planning, Tax deductions, Estate tax, Estate taxes

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Tips for transferring interests in closely held businesses

Article Abstract:

Estate planners should carefully consider how to transfer interests of closely held businesses, as future problems may arise. Issues to consider include valuation discounts, gift versus estate tax values, income tax basis, transfer tax values, prior transactions, subsequent events and funding. Redemptions, installment payment of estate taxes and valuation penalties are also discussed.

Methods, Taxation, Business enterprises, Close corporations, Closely held corporations, Business registration

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