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Practical estate administration tips.

Publication: The Tax Adviser
Publication Date: 01-OCT-04 		Format: Online - approximately 988 words
Delivery: Immediate Online Access

Article Excerpt
Unlike many audit and tax services, estate administration does not start from a prior-year's blueprint. To minimize time, maximize client satisfaction and enhance profitability, a highly organized set of systems and procedures to provide estate administration services is invaluable.

Estate administration should be handled only by individuals with extensive specialized training and experience. Although they may be assisted by other tax, audit or accounting service staff on limited aspects of an engagement, they should prepare and review Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and undertake many related functions, or supervise such activities.

Tips

Every tax adviser should have an estate "roaster forms" directory in a computer database (accessible by all staff, if applicable). Reusable forms should include the following:

1. A spreadsheet for administering estate engagements, to monitor status, deadlines and critical steps.

2. An engagement letter.

3. A consent form to request...

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