why is it important for an estate to have cash and why should selling an estates assets to generate the liquidity necessary for the estate taxes generally be the last option? Also, how can an individual potentially reduce the medical expenses to be paid by his estate, Discuss at least three common administration costs of an estate. How can an ILIT be used to generate liquidity for an estate without requiring the value of the ILIT to be included in the decedents gross estate? Also, what are the requirements for electing the alternate valuation date and why would an executor chose it?