If your loved one recently died with a taxable estate, you might consider using an alternate valuation date to reduce estate tax. A Federal Estate Tax Return Form 706 is due 9 months after date of death, and tax is due on an estate with assets that exceed $11.58 million in 2020. An individual’s assets can be valued as of date of death, or an “alternate valuation date” can be used which values the property at 6 months after date of death. If your loved one died within the past 6 months with a taxable estate, you should work with your estate planning attorney or CPA to calculate whether electing an alternate valuation date will reduce estate tax. These savings can be significant. For more information, contact Joan Skrzyniarz in the Troy, Michigan office at 248-433-7521.