Basic Estate Planning Tips for Practitioners

National Estate Planning Awareness Week is fast approaching (October 17-23), and it is an ideal time for attorneys and CPAs alike to encourage clients to think about estate planning. Some estate planning tips for practitioners looking to address estate planning with their clients are below:

• Make sure clients have a copy of any fully executed trusts in their files before filing a Form 1041, U.S. Income tax Return for Estates and Trust
• Ensure that clients file appropriate gift tax returns for heirs being issued Schedule K-1s for  the first time or for amounts greater than the previous tax year
• Confirm whether each spouse has assets in his or her name on a Form 1040
• Incorporate your knowledge of your client’s finances to help create an estate plan tailored to his or her needs
• Help your client make projections regarding any future needs or resources
• Stay proactive in and an integral part of your client’s estate planning team

SeeMartin M. Shenkman, Estate Planning Action Steps, Journal of Accountancy (October 2011).

Special thanks to Scott R. Zucker (attorney, Annandale, Va) and Jim Hillhouse (WealthCounsel) for bringing this article to my attention.