Updated Tuesday, July 29, 2014 as of 9:03 PM ET
Portfolio - Estate Planning
New Ways to Minimize Income Taxes for Estates, Trusts and Beneficiaries
by: Scott Goldberger and John Anzivino
Thursday, February 28, 2013
Partner Insights

Elect a fiscal year. Generally, estates and trusts are taxed on a calendar year basis, but estates may elect to be taxed on a fiscal year basis. Moreover, an election may be made to treat a decedentís qualified revocable trust as part of the estate, thereby permitting the trust to be taxed on a fiscal year basis as well. A fiscal year is adopted when filing the estateís first federal income tax return, Form 1041. It is not sufficient to indicate the fiscal year when extending the due date for the Form 1041 or when applying for the estateís Employer Identification Number.

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