WORK One of the most common misconceptions about estate planning is that it all has to be done before the taxpayer dies. In reality, many postmortem planning techniques and elections can achieve both income and estate tax savings and may be implemented after a person dies. For example, a qualified disclaimer can sometimes be used to remedy the problems that can arise from a lack of planning during the taxpayer's lifetime. The estate planner needs to know exactly which tax planning possibilities to explore during a time period that is both short and pressured.
Every attorney facing the task of postmortem estate planning has questions.
As such, it is intended as a practice guide for the general practitioner as well as the estate planning specialist. To accomplish these objectives, the practitioner must be aware of the many elections and planning alternatives that are available. However, individual needs may affect which course of action to take and when to take it. For example, a decision that may produce a net tax saving to the estate or its beneficiaries may benefit one or more beneficiaries to the detriment of others. If so, serious conflicts of interest in the equitable treatment of the parties may be involved.