PODCASTEpisode 21 – Estate Planning as a Team Sport (Part 2)
When a loved one passes away, navigating the estate administration process can feel overwhelming—especially when you don't know where to start.
In Part 2 of this teamwork series, Dave Shaffer and Hannah Cannon shift focus to post-death planning, exploring how executors can benefit from working with a coordinated team of professionals. From locating hidden assets and understanding tax filing requirements to managing retirement account distributions under the SECURE Act, this episode shows why going it alone isn't an option for most families.
Dave and Hannah explain the various tax returns executors may need to file—including final personal returns, fiduciary income tax returns, and estate tax returns—and why having an accountant involved is critical. They also discuss the complexities of inherited IRAs, the importance of communicating with beneficiaries, and how financial advisors help executors navigate investment decisions during estate administration.
The conversation wraps up with a dramatic "Show and Tell" segment: a real case where a corporate fiduciary was surcharged nearly $21 million for failing to diversify an estate's Apple stock holdings. The court's message was clear—executors and trustees have a duty to actively manage assets, consult with investment professionals, and protect beneficiaries' interests, even when the deceased's will seems to say otherwise.