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.