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TMVi PostDeath(tm) Holistic Services for
Boomer Orphans/Trustees/ Executors/ Beneficiaries/ Financiers��� �� |
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TIMELINE FOR INHERITANCE TRANSFER PROCESS
customized for decedent's Date of Death and State* |
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get this objective plan after the funeral and before
hiring an estate attorney to |
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(i) avoid misunderstandings and delays (ii) help you
integrate, manage and communicate (iii) save you
money |
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� |
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�CRITICAL
MILESTONE TASKS FOR ESTATE ADMINISTRATION |
DEADLINE |
�STATUS |
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| Variables: date of death:[4/2/2007]; decedent's
primary residence:[New York]; fed estate value:[>$3.5million] |
�DATES |
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| 1 |
�Obtain 20
Certified Copies of Death Certificate from funeral home |
4/5/2007 |
DONE |
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| 2 |
�File extension to
file decedent's 1040 and state income tax returns for year prior to death, if
not filed yet |
4/15/2007 |
DONE |
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| 3 |
�Obtain Tax ID #s
for the Estate and Grantor Revocable Trust and open trust, checking and MM
accounts |
4/30/2007 |
DONE |
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| 4 |
�Obtain Letters
Testamentary from Surrogate's Court in decedent's state and open estate
account |
5/31/2007 |
DONE |
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| 5 |
�Marshal, inventory
and Value all assets as of Date Of Death and 6th month alternate Valuation
Date |
10/2/2007 |
DONE |
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| 6 |
�Determine and pay
all debts and liabilities of the estate |
10/3/2007 |
DONE |
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| 7 |
�File Decedent's
1040 federal return and combined state-city return if applicable for prior
year |
10/15/2007 |
DONE |
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| 8 |
�File extension to
file 706 federal estate tax return and state estate tax return to� |
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�avoid amending
returns based on 1040 filing and final liabilities collection and analysis. |
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�Pay estimated
estate tax to IRS and state tax authorities. |
1/2/2008 |
DONE |
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| 9 |
�File decedent 1040
and state income tax return for year of death timeframe� |
4/15/2008 |
DONE |
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| 10 |
�File 706 federal
and state estate tax returns and file asset list with Surrogate's Court. |
7/2/2008 |
DONE |
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| 11 |
�File 1041 and
state fiduciary income tax return for period fiscal year starting with date
of death |
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�File election form
8852 to combine the income tax returns of the trust and the estate.� |
7/15/2008 |
DONE |
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| 12 |
�Receive Closing
Letter without audit requests from IRS and state tax authorities
avoiding� |
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�time extensions,
additional costs and final distribution delays. |
12/31/2008 |
DONE |
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�In light of worst
financial and real estate crises since Great Depression, unmarketable
condition of both |
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�properties,
expediency of getting cash out, and time drain fairness to both
beneficiaries, here is an� |
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�effective
recommendation. If Ken is willing to receive distribution of either BH or CV
property, whichever� |
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�property he
chooses, the estate avoids having to file 3rd year 1041 and IT-205 for FYE
3/31/10, |
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�final accounting
can be done and Estate can be completely settled and closed by 2/15/2009. |
2/15/2009 |
REJECTED |
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| __________________________________________________________________________________________________________________________ |
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| (c)Copyright,tm,sm
2007-2010.Technology & Marketing Ventures, Inc. All Rights Reserved.
212/628-2178 jklein@electronic-boardroom.com |
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2/20/2010 p1 of 2 |
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�DEADLINE� |
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�CRITICAL
MILESTONE TASKS FOR ESTATE ADMINISTRATION (continued) |
DATES |
�STATUS |
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| 13 |
�File 1041 and
state fiduciary income tax return for estate and trust 2nd fiscal year or
extension to file |
7/15/2009 |
DONE |
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| 14 |
�Extension to focus
on selling real estate by year-end when no tax expected to be due on return |
12/15/2009 |
DONE |
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| 15 |
�Sale of Trust Real
Estate Boca Raton Florida |
7/24/2009 |
DONE |
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| 16 |
�Sale of Probate
Estate Real Estate Belle Harbor New York |
12/11/2009 |
DONE |
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| 17 |
�Decouple trust
from probate estate fiduciary income tax return and end administration of
Trust entity. |
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�Trust terminates
year end. |
12/31/2009 |
DONE |
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| 18 |
�Prepare Final
Accounting for the estate to be sent to beneficiaries� |
3/20/2010 |
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| 19 |
�Prepare Receipt
and Release to be signed by beneficiaries to be filed with Surrogate's Court |
3/21/2010 |
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| 20 |
�Distribute balance
of estate proceeds to beneficiaries |
3/31/2010 |
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| 21 |
�Prepare & file
final combined 1041 and state fiduciary return for Estate and Trust for final
fiscal year� |
7/15/2010 |
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�through final
distribution date |
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* Timeframes and estate filing threshholds may vary
based on decedent's primary residence.� |
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�This plan is for
a Federal estate value exceeding $3.5million, a NYS estate value exceeding
$1million payable and estate taxes |
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�payable within 9
months. Names and numbers are left out as a privacy precaution. |
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Intended for educational and informational purposes
only, and not a substitute for legal and tax advice.� |
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Contact your personal advisors with your specific
circumstances. |
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���������������������������������������������������
Your Heir Doctors who take the headache out of your heartache(sm)� |
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| (c)Copyright,tm,sm
2007-2010.Technology & Marketing Ventures, Inc. All Rights Reserved.
212/628-2178 jklein@electronic-boardroom.com |
2/20/2010� p2of2 |
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| ��� |
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