Tax
May 2, 2025
Income tax considerations in estate planning: Part 1
Estate planning involves not only managing the distribution of assets but also addressing income tax considerations, such as the implications of final tax returns, how income generated after death is reported by estates, and the tax responsibilities of heirs and beneficiaries.
When most people hear "estate planning" they do not think of income taxes first. They think of making sure that the right people in their lives end up with the right assets, and that key issues such as guardianship of minor children are attended to appropriately. They are also likely to think of taxes, especially estate taxes, sometimes referred to with a political spin as the "death tax." This is so even though in most cases; only especially wealthy people end up havin...
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