Is the estate subject to ancillary administrations?
• Are administration expenses and losses to be claimed as an income or estate tax deduction. • Obtain alternate valuation date values for federal estate tax return. • Payment ofUSestate tax with flower bonds – must be tendered to Federal Reserve with form within 9 months of death. • Consider election to defer payment of inheritance tax on remainder interests – where permitted, determine deadline for election. • Consider election of extension of time to payUSestate or generation skipping transfer tax (Section 6161 or 6166) – must be filed on or before due date of US estate tax returns including extensions. • Consider election for special valuation of farm or business real estate under IRC Section 2032A must be made with timely filedUSestate tax return. • Elect (or do not elect) to qualify certain terminable interest property for marital deduction. • Ascertain if credit for tax on prior transfers is allowable. • File inheritance and federal estate tax return – federal due within 9 months
• Are administration expenses and losses to be claimed as an income or estate tax deduction. • Obtain alternate valuation date values for federal estate tax return. • Payment of US estate tax with flower bonds – must be tendered to Federal Reserve with form within 9 months of death. • Consider election to defer payment of inheritance tax on remainder interests – where permitted, determine deadline for election. • Consider election of extension of time to pay US estate or generation skipping transfer tax (Section 6161 or 6166) – must be filed on or before due date of US estate tax returns including extensions. • Consider election for special valuation of farm or business real estate under IRC Section 2032A must be made with timely filed US estate tax return. • Elect (or do not elect) to qualify certain terminable interest property for marital deduction. • Ascertain if credit for tax on prior transfers is allowable. • File inheritance and federal estate tax return – federal due within 9