Estate records can help advisers review your family, business and property questions. Tax and accounting questions should be addressed alongside legal advice from your qualified estate-planning attorney. Agree the scope and any authorized adviser coordination separately. Explore our services: Tax Preparation & Planning, Accounting & Bookkeeping, Controller/CFO Services.
Table of Contents
1) Tax Consequences to Review
Review gifting, trust funding and timing with qualified legal and tax advisers. Eligibility, valuation, filing and tax effects depend on the facts and year; a reduction is not guaranteed.
2) Inherited-property basis tracking
Inherited property generally receives a basis tied to date-of-death fair market value or another permitted valuation, so basis can increase or decrease. Exceptions apply, including income in respect of a decedent; inherited retirement accounts do not receive a blanket fair-market-value basis reset.
3) Estate Records for Authorized Representatives
Organize statements, valuations, titles, and beneficiary forms for review by the estate’s authorized representatives and advisers.
4) Trust accounting & filings
Determine whether trust or estate records, Form 1041 and beneficiary reporting are required; confirm the qualified provider, scope and responsibilities.
5) Business succession planning
Discuss valuations, buy-sell arrangements, funding and ownership changes with appropriately qualified legal, valuation, insurance and tax advisers.
6) Beneficiary & title reviews
Review beneficiary designations and titling with your attorney and account providers; confirm their legal effect before making changes.
7) Charitable giving strategies
Evaluate donor-advised funds, charitable trusts or bequests with appropriate advisers before transferring assets. Eligibility, substantiation, valuation and legal requirements differ.
8) Liquidity planning
Model cash needs for taxes, debt, and expenses; plan reserves or insurance while considering uncertainty, costs and the legal responsibilities of the estate.
9) Roth conversion & IRA coordination
Evaluate Roth conversions during the owner’s lifetime and review beneficiary distribution rules after death separately. A nonspouse beneficiary generally cannot treat an inherited traditional IRA as their own or roll it into a Roth IRA; surviving-spouse options differ. Confirm account type, beneficiary status and applicable distribution rules before acting. See IRS Publication 590-A.
10) Real-estate & homestead nuances
Track basis adjustments, depreciation recapture, and Florida homestead considerations with your attorney.
11) Digital assets & passwords
Catalog access to accounts, cloud storage, and subscriptions to avoid lockouts and value loss.
12) Ongoing Review of Documents
Update your plan for life events and law changes. Annual check-ins keep documents and tax strategy aligned.
What to Bring to Your Consultation
- Recent tax returns and a simple net worth list
- Statements for brokerage, retirement, life insurance
- Property deeds/titles and any business agreements
- Existing will/trust/POA (if any)
- Goals, heirs, and any charitable interests
Service Availability
Confirm availability for your location and circumstances, the assigned practitioner and the services included in the written engagement.
FAQs
Does Florida have an estate or inheritance tax?
Florida has no state-level estate tax for deaths after December 31, 2004. Federal estate-tax filing and other obligations may still apply depending on the year of death, assets, taxable gifts and elections. Review the Florida Department of Revenue estate-tax explanation and IRS estate-tax guidance with your qualified advisers.
Does a Will Address Every Planning Need?
Ask your qualified estate-planning attorney whether your will, beneficiary designations, powers of attorney and other arrangements address your circumstances. Legal needs and effects depend on applicable law and the documents; this article does not determine the required legal plan.
Which tax returns might be required after death?
Possible filings include the decedent’s final Form 1040 or 1040-SR, an estate or trust Form 1041, and Form 706 when required or when an applicable portability election is sought. Gift-tax filings depend on gifts and the relevant taxpayer. Determine requirements and deadlines using the year of death, income, assets, gifts and elections.
Do you provide legal documents?
We provide the tax and accounting work specified in our engagement. Your qualified estate-planning attorney is responsible for legal advice, drafting and legal review of documents. With your authorization, we may coordinate relevant tax records and questions; complete legal consistency or compliance is not guaranteed.
Ready to Discuss Your Tax and Accounting Questions?
Discuss availability and the separate engagement scope for tax planning & filings, trust accounting and CFO guidance. Schedule Consultation