- Inventory the assets and help with determining “cost basis” and “fair market value”.
- Safeguard the assets from creditors, heirs, etc., and make sure they remain insured during the process.
- Distribute the “tangible personal property”.
- Make sure all taxing authorities have been paid and are satisfied, both state and federal taxes.
- Settling the decedent’s creditor claims including paying all medical bills and other bills.
- Provide a final accounting to all beneficiaries.
- Make sure our clients, the fiduciaries, are adequately compensated for their time incurred and liability assumed.
- Obtain “releases of liability” from all beneficiaries before final distribution.
- Assist the client as well as the CPA for the estate in filing final income tax returns.