How to Preserve Estate Assets
Helpful Information from the Lawyers at Bailey & Galyen
If you have been named executor of the estate of a loved one, you may erroneously believe that all steps to preserve estate assets were taken during the estate planning process. To the contrary, you can still affect the value of the estate, based on different strategies you employ. This page identifies some of those techniques. To learn more about other aspects of probate, see our pages on
- the probate process
- your rights and responsibilities as administrator
- why and how to avoid probate
- will contests and probate litigation
To schedule a free initial consultation, contact Bailey & Galyen or call our offices at one of the numbers listed below.
Preserving Assets as the Executor of an Estate
When an estate goes through probate, value can be lost through the payment of attorney fees as well as taxes. By paying close attention and taking permissible tax strategies, you can reduce the tax burden on the estate and preserve more of its value. Specific strategies include
- identifying whether it is more beneficial to value assets as of the date of death, the date of disposition of the assets, or 6 months after the date of death
- determining whether there will be greater tax benefit to claiming administration expenses and casualty losses on the estate’s income tax return or on the estate tax (inheritance tax) return
- identifying any tax benefits related to the filing of the decedent’s final income tax return
Contact the Attorneys at Bailey & Galyen
At Bailey & Galyen, we offer a free initial consultation in all probate cases. To schedule an appointment, contact us or call our office at one of the numbers listed below.