Be prepared to spend a lot of time with these financial concerns. Many times the survivors express the wish that they could just finish up all this business. These matters will probably take several months to sort out. And while it is possible that you are independently wealthy and don t care much what happens, it is more likely that you will need to deal with these properly in order to contribute to your own financial future. The assets of the decedent need to be valued as of the date of death.
Assets get a new value for tax purposes when someone dies.
If a federal estate tax return is filed, the new value is the value listed on the federal estate tax return. This is either the fair market value as of the date of death or six months after the date of death. If no federal estate tax return is required, the new value is the fair market value as of the date of death. This valuation is needed to determine if a federal estate tax return is due. As long as the decedent was a United States citizen or permanent resident, all assets, even those in another country, must be valued.