Article on Time is Ticking for Deathbed Tax Planning: An Analysis of its Effectiveness

Alexander Evelson recently published an Article entitled, Time is Ticking for Deathbed Tax Planning: An Analysis of its Effectiveness, 10 Tex. Tech Est. Plan. & Cmty. Prop. L. J. 207-224 (Summer 2018). Provided below is an abstract of the Article:

Death - no matter who it happens to - always results in a tumultuous and awful situation. One minute, an individual could be laughing with a loved one, and the next, they are gone. In addition to the costs of funeral or similar arrangements and other associated costs, such as caskets and tombstones, in recent years, deathbed taxes have become more prominent. A person's estate is still subject to taxation, even when the person passes. Ordinarily, deathbed taxation should be a relatively smooth process. However, complications may arise when there are many different players and interested parties involved, such as children from other marriages.

This Article will address what constitutes deathbed planning in light of recent decisions, such as Estate of Powell. Additionally, it will provide the reader with the estate planning steps one might want to follow at the end of his or her life, and the person not previously planned for the future of his or her heirs. The following is an insight into deathbed tax planning and what the process entails.