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When your client dies, what advice can you provide for the family? There are special tax rules, return requirements, issues, and options when advising clients after a family member has died. Often, the decedent handled financial and tax matters, and the survivors have little idea what was done and little experience to move ahead. This course will begin by describing the issues to consider when filing the decedent's final Form 1040 income tax return. It will then go on to address a wide variety of issues and planning suggestions that arise in connection with fiduciary income issues and tax returns and, if required, the federal estate tax return. The course will also prepare you to guide clients through a range of essential post-death elections and decisions.
Upon successful completion of this course, participants will be able to:
- Identify tax reporting requirements for a decedent client's final Form 1040
- Evaluate different planning opportunities and decisions to enhance the tax planning for heirs of a decedent
- Describe the key special post-death elections and decisions that should be considered for a deceased client
- Gain the knowledge needed to answer client questions regarding tax issues for a decedent
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