Pre-Mortem Income Tax Planning 

When you know a loved one is passing on there will be closure ... tax planning opportunities should not be overlooked.

Many CPAs are often in unfamiliar territory when confronted with issues unique to transition planning for a final 1040 because such situations seldom arise in the accountant's practice. The Tax experts at Estate Admin can work with your CPA, attorney and other advisers to plan for the transition. Planning for items such as :

A. Certain Gifts can be Made or be Received

B. Plan to Optimize Gains, Losses and Credits

• Generally Do Not Dispose of Appreciated Property that will be entitled to stepped up basis at death.
• Losses Should be Recognized to the Extent Usable
• Your loved one will want to realize losses to the extent usable to offset gains (plus $3,000), as  the basis of loss property is stepped down to its fair market value at the client's death.

C. Disposition of Passive Activity Loss Assets

D. Consider Restructuring Business Interests

E.  Rearrange Joint Tenancies and Community Property Interests prior to death