How long after the death of the decedent can the alternate valuation date be elected?

The alternate valuation date can be elected for estates in order to potentially reduce estate taxes by valuing the decedent's estate as of a date six months after their date of death. This option is beneficial if the estate's overall value has decreased within that time frame, as it allows for a different valuation relevant for tax purposes.

The choice of six months aligns with the provisions of the Internal Revenue Code, which specifically states that the alternate valuation date must be elected within this time limit. By utilizing this deadline, beneficiaries can take advantage of fluctuations in asset value to lessen the estate tax burden, reflecting the real market conditions more accurately as they change post-death.

This period is significant enough to allow for any market adjustments while ensuring that the election remains within a reasonable timeframe for tax assessment purposes.