Letter to Client Regarding Asset Information
Letter to Client Regarding Asset Information
|[date] |
[Client]
[Address]
RE: Estate of Decedent
Dear ____:
Please be advised that our office requires additional information to complete the federal estate tax return (706) for Decedent’s estate. Please provide the following information regarding any of the following assets held by Decedent or debts owed by Decedent as of the date of death:
1. Checking and savings accounts
a. the name of the bank
b. how the account was held
1. in Decedent’s sole name
2. in Decedent’s name and another person’s name
c. the account number
d. the value of the account as of the date of death (Banks can provide the exact balance of an account on the date of death. However, they usually require a letter of authority before they will release such information.)
2. Bonds
a. the name of the bonds (e.g., Series EE U.S. Savings Bond)
b. the number and total dollar value of the bonds as of the date of death (e.g., 50 $1,000 Series EE U.S. Savings Bonds)
3. Stocks
a. the name of the stock (e.g., General Motors Corporation)
b. whether the stock was common or preferred
c. the CUSIP number
d. the name of the exchange on which the stock is traded (e.g., the New York Stock Exchange)
e. the number of shares Decedent held as of the date of death
f. the high and low price of the stock on the date of death
1. Brokers can provide high and low prices of stocks on a particular date.
2. If the date of death fell on a day the market did not trade (e.g., Saturday, Sunday, a holiday, etc.), please provide high and low prices of stock for the closest day before (e.g., Friday) as well as the closest day after (e.g., Monday) the date of death.
4. Real estate
a. the address
b. the legal description
c. how the property was held
1. in Decedent’s sole name
2. in Decedent’s and another person’s names jointly
3. in Decedent’s and another person’s names as tenants in common
d. The state equalized value (The state equalized value for a property is noted on the property tax statement. Please forward one copy of the most recent property tax statement for each property.)
e. One copy of an appraisal
5. Insurance policies
a. the name of the insurance company (e.g., Prudential)
b. the policy number
c. the type of policy (e.g., life insurance policy)
d. the value of the policy as of the date of death
e. the name of the person to whom the policy is made payable on the death of the policy owner
f. the address of the insurance company and contact person, if any
The insurance company may send a 712, which will contain all the above information in a form acceptable to the IRS.
6. Annuities, IRAs, and pensions
a. annuities
1. the name of the annuity company or the trustee of the plan
2. the policy number
3. the value of the annuity as of the date of death
b. IRAs
1. the name of the trustee
2. the account number
3. the designated beneficiary, if applicable
4. the value as of the date of death
c. Pensions
1. the name of the company providing the pension
2. the name of the individual entitled to receive the pension as a survivor, if applicable
3. the value as of the date of death
7. Debts
a. Property taxes are deductible if they accrued before the date of death. Please forward one copy of the applicable property tax statement.
b. Doctor and medical bills, unless they are being paid or reimbursed by insurance or government payments. Please provide copies of bills.
c. Funeral expenses. Please provide copies of receipts.
d. Outstanding utility bills. Please provide copies of bills.
If copies of the receipts or bills are unavailable, please list the amount of the debt paid and to whom payment was made.
8. Mortgages, land contracts, promissory notes, and cash
a. Mortgages that Decedent held under which payments were made to Decedent by another person
1. the face value and unpaid balance of the mortgage
2. the date of the mortgage
3. the name of the maker of the mortgage
4. the address and the legal description of the mortgaged property
5. the interest dates and the rate of interest.
b. Land Contracts — applicable if Decedent held a land contract under which payments were made to Decedent by another person
1. the name of the buyer of the land
2. the date of the land contract
3. the address and legal description of the property
4. the sale price of the land
5. the initial payment
6. the amounts of installment payments
7. the unpaid balance of the principal
8. the interest rate
c. Promissory Notes — applicable if Decedent held any promissory notes under which payments were made by another person to Decedent
1. the face value and the unpaid balance of the note
2. the date of the note
3. the name of the maker of the note
4. the interest dates and the rate of the interest
d. Cash
1. any cash in Decedent’s wallet
2. any cash in a safe deposit box
3. any cash located elsewhere
4. if the cash totals more than $1000, an explanation of why Decedent elected to have so much cash on hand would be appreciated
9. Personal property
a. household goods and personal effects (including clothing). Please provide an approximate value of household goods and personal effects as of the date of death.
b. items of artistic or intrinsic value (e.g., coin or stamp collections, jewelry, works of art, etc.). Please forward one copy of any appraisal of jewelry, coin or stamp collections, etc.
c. farm products and growing crops. Please approximate the value of any farm products or growing crops as of the date of death.
d. livestock. Please approximate the value of any livestock as of the date of death.
e. machinery and equipment. Please approximate the value of any machinery or equipment held by Decedent as of the date of death. Please forward one copy of any appraisal of machinery and equipment.
f. automobiles
1. make
2. model
3. year
4. bluebook value as of date of the death, if you know
Please also provide the addresses and social security numbers of each beneficiary Decedent named in the will.
I understand that many of the items listed above do not apply to Decedent’s estate. However, by conducting an exhaustive inquiry into all the assets listed above, there is less possibility we will inadvertently exclude an asset from the federal estate tax return.
Please be advised that I am available to assist you in gathering any of the information I have requested. Also please feel free to call if you require further information in this regard or if you have any questions whatsoever.
| |Very truly yours, | |
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