Below is a brief description of some of the procedures that need to be followed by our firm when someone passes away and we are requested to prepare the Estate Tax Return. Notice Concerning Fiduciary Responsibility. File Form SS-4, Application for Taxpayer Identification Number, should be filed if it is anticipated that your estate will earn income during its existence. Your personal representative should advise all financial institutions of your death and arrange for the name of the account to be changed to the estate or the joint owner who has rights of survivorship. Your personal representative should also consult with your attorney, financial advisor, insurance agent, and tax preparer as necessary to handle the various tax return filings.
Special rules apply as to what U.S. assets are included in the gross estate.
Your personal representative will also be responsible for filing applicable State estate tax forms. If you have real property in multiple states, then multiple state estate tax forms will need to be filed. Your personal representative may have to liquidate assets to pay the estate tax bills. Good estate planning would anticipate the estate taxes and provide for the necessary liquidity. As you can see it is important to provide your personal representative with as much information as needed to make their job easier to complete and carry out your wishes and settle the legal side of your estate and your taxes.