What to Do When a Client Dies

By Natalie M. Perry, CPA, J.D., and Laura Hinson, CPA

Editor: Theodore J. Sarenski, CPA/PFS

The process of estate and trust administration after a CPA client’s death can vary in complexity, depending on each situation’s facts and circumstances. Factors requiring consideration can include legal property rights, the titling of assets, and the implications of income and transfer taxes. In some cases, a court proceeding, or probate, may be required. To illustrate some of the tax complexities CPAs may face in these situations, a fictitious sample fact pattern follows.

Read the full article on The Tax Adviser here