Post mortem decisions are an essential element in properly effectuating any estate plan. The client’s death does not terminate the opportunity for tax savings. Many testamentary dispositions, hopelessly inadequate from a tax standpoint, have been salvaged by prompt action after the testator’s death. Consider the typical situation: a widow elects to take the statutory share of her husband's estate because the interest passing to her under the will is terminable and will not qualify for the marital deduction. This election has saved widows an untold number of federal estate tax dollars since 1948. However, obvious decisions in connection with inartfully drawn estate plans are not the subject of present concern; nor will any emphasis be placed on the Federal estate tax. It is the less obvious that deserves attention; namely, the Federal income tax implications of a skillfully planned estate.
John E. North,
Income Tax Consequences in the Administration of Decedents’ Estates,
39 Neb. L. Rev. 273
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