The decedent's debts owed as of the date of death are paid from the estate, along with costs associated with closing the estate, any taxes owed on the decedent's final tax return, and estate taxes that may be due. The individual also names a beneficiary for their life insurance policy. ...
In general, thefinal individual income tax return of a decedent is prepared and filedin the same manner as when they were alive. All income up to the date of death must be reported and all credits and deductions to which the decedent is entitled may be claimed. Who is responsible for fil...