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Estate Administration

Estate Administration Experts

Taxation Expertise
Whenever a person dies, his/her estate needs to be collected and managed.  Estate administration involves gathering the assets of the estate, paying the decedent’s debts, completing all tax filings and distributing the remaining assets to beneficiaries and heirs. Both state and federal law establish the formal procedures and requirements that must be followed in estate administration.

An estate is “administered” by a personal representative.  If there is a will, the personal representative named in the will is called the “executor or executrix.”  If there is no will, the personal representative is referred to as the “administrator or administratrix” and is chosen according to state law.  The personal representative works with an estate administration professional to comply with the various local, state and federal requirements.  This is where Maillie LLP can help.

Maillie LLP estate administration professionals are highly skilled and knowledgeable about the taxation area as it applies to estate administration. They can recommend various postmortem planning techniques to save dollars for the decedent’s estate and family, including:

  • Selection of a fiscal year end for the estate
  • Consideration of a disclaimer
  • Filing the estate return to elect the portability of the unused estate tax exemption
  • Electing to include income earned in the decedent’s trust on the estate income tax return
  • Managing the estate distribution to minimize overall tax
  • Preparation of Form 1041 on the accrual basis
  • Preparation of a “First and Final” return
  • Updating the basis of assets
  • Claiming an estate tax deduction for income in respect of a decedent (IRD)
  • Claiming deductions in respect of the decedent (DRD) on both the estate tax return and fiduciary income tax return
  • Setting aside income from charitable assets
  • Allocating estimated taxes to the beneficiaries from the final return