YOUR EXECUTOR DUTIES (T/G 304) covers petitioning for "Letters Testamentary," the powers authorized by independent administration, appraising the decedent's gross estate, and the relationship between his/her "final" Form 1040, the death tax return (Form 706), and Form 1041 (income after death). Also covered:

• Priority of inventory & appraisement
• Dilemma with the "marital deduction"
• The 19 schedules on Form 706
• The 20 "during life" transfer questions
• Advisory notices & executor fees
• Settlement & closure of the estate

Your Executor Duties
Book:  304

Table of Content

1.  FIRST THINGS FIRST                          1-1
    
    How Appointment Known                       1-2
    “Conformed” Copy Advantageous               1-3
    Problems With Co-Executors                  1-4
    Limit Your Predeath Queries                 1-6
    When Death Occurs                           1-7
    A “Funeral Observer” Only                   1-8
    Circulate at Family Gathering               1-10
    Read Names of Distributees                  1-11
    Start 9-Month Calendar                      1-12
    Beware of “Stalking”                        1-14

2.  MUST TAKE CHARGE                            2-1

    Retrieve the Original Will                  2-2
    Sticky Access to Safe-Deposit Boxes         2-2
    Difficulties With Attorneys                 2-3
    Visit Your Public Library                   2-5
    Study Your Executorial Powers               2-7
    Note Key “Statutory” Dates                  2-9
    10 Copies of Death Certificate              2-10
    Open Estate Checking Account                2-12
    Focus on Your Primary Function              2-13
    The Matter of Executor Fee                  2-15

3.  LETTERS TESTAMENTARY                        3-1

    The Practicality of Letters                 3-2
    Overview of Procedures                      3-3
    First: You Must Petition                    3-6
    Essential Elements for Filing               3-8
    Public Notice of Death                      3-9
    Proof of Subscribing Witness                3-10
    Acknowledgment by Named Noticees            3-12
    Your Appearance at the Hearing              3-13
    Get 3 Copies of “Letters”                   3-15
    When the Claims Come In                     3-17
    Formal “Creditor’s Claim”                   3-18

4.  INDEPENDENT ADMINISTRATION                  4-1
    Distinctions in “Administration”            4-2
    How Authority Obtained                      4-3
    Authority Not Unlimited                     4-4
    Examples Requiring Supervision              4-5
    Advisory Notice of Certain Actions          4-6
    Transfer of Nonprobative Assets             4-8
    Set Up “Books of Account”                   4-10
    Certified Copies of Will                    4-13
    Employ Attorney “When Needed”               4-14
    That “Final” Form 1040                      4-16

5.  INVENTORY & APPRAISEMENT                    5-1

    Gross Estate “Tax Defined”                  5-2
    “Fair Market Value” Defined                 5-4
    Role of Probate Referee                     5-5
    Step 1: Collect & Organize                  5-8
    Real Estate & Trust Deeds                   5-10
    Stocks, Bonds, & Mutual Funds               5-11
    Cash, Checking, & Savings                   5-12
    Contracts, Loans, & Judgments               5-13
    Businesses, Partnerships, & Trusts          5-14
    Tangible Personal Property                  5-15
    Life Insurance, Pensions, & Annuities       5-17
    Gifts, Transfers, & Appointments            5-18
    Personal Effects & Memorabilia              5-20
    Alternate Valuation Date                    5-21
    Putting It All Together                     5-22

6.  FEDERAL FORM 706                            6-1

    Introduction to 706                         6-2
    When Filing Required                        6-3
    Be Always Prepared (to File)                6-5
    General Format & Instructions               6-7
    The “Probing Questions”                     6-9
    The Asset Schedules                         6-12
    The Deduction Schedules                     6-13
    Credit & Other Schedules                    6-14
    Estates Under $600,000                      6-16

7.  UNFAMILIAR MATTERS                          7-1

    Section 2044 Property Explained             7-2
    The Q/TIP Election                          7-4
    Transfers During Decedent’s Life            7-5
    Frustration re Gift Tax Returns             7-7
    Joint Ownership Interests                   7-8
    Those Interpretive “Twists”                 7-10
    Attach Trust Instruments                    7-12
    General Power of Appointment                7-14
    Attach Proper Disclaimer (s)                7-15

8.  DEDUCTIONS ALLOWED                          8-1

    “Property Subject to Claims”                8-2
    Actual Funeral Expenses                     8-4
    Attorney and Executor Fees                  8-5
    Other Administration Expenses               8-6
    Necessary Selling Expenses                  8-7
    Debts of the Decedent                       8-8
    Mortgages, Liens, and Taxes                 8-10
    Losses During Administration                8-11
    Expenses Not Subject to Claims              8-12
    Charitable and Public Bequests              8-13
    Adjustments to Charitable Bequests          8-15
    Why Deductions Important                    8-16

9.  THE MARITAL DEDUCTION                       9-1

    One Deduction Only                          9-2
    The Statutory Wording                       9-4
    Exemption Credit (Against Tax)              9-5
    A Dilemma Is Created                        9-6
    Qualifications Required                     9-6
    Schedule “M” Bequests                       9-8
    Section 2056 (b) Limitations                9-10
    Power-of-Appointment Exceptions             9-12
    Charitable Remainder Trusts                 9-13
    Completing Schedule M                       9-14

10. DEATH TAX COMPUTATION                       10-1
    
    Tax Rates Start High                        10-2
    Adjusted Taxable Gifts                      10-4
    Examples of “Tentative Tax”                 10-5
    The Unified (Exemption) Credit              10-7
    Sequence to “Applicable Tax”                10-8
    Credit for State Death Taxes                10-10
    Credit for Tax on Prior Transfers           10-12
    GST “Add-On” Tax                            10-14
    Filings, Extensions, & Payments             10-15

11. FIDUCIARY FORM 1041                         11-1

    The Fiduciary (Corpus) Estate               11-2
    Filing Date Confusion                       11-4
    Introduction to Form 1041                   11-5
    Income Producing Assets                     11-7
    When Assets Are Sold                        11-9
    Computer Matching “Nightmare”               11-10
    Certain Deductions Allowed                  11-11
    Income Distribution Deduction               11-13
    Tax Computation and Payment                 11-14
     
12. CLOSING MATTERS                             12-1

    Preview of Closing                          12-2
    The “Fiduciary Estate” and You              12-3
    Sales, Etc. Documentation                   12-5
    Set Up “Tax Free” Reserve                   12-6
    Reappraise the Nonsaleables                 12-8
    Prepare Accounting Summary                  12-9
    Alert the Distributees                      12-10
    Prepare the “Final Petition”                12-11
    Final Notice to Distributees                12-14
    Judgment on Final Distribution              12-15
    Information in Distribution Letter          12-18
    When Closing is “Final”                     12-19