When a spouse dies, the surviving spouse offer goes through a period of emotional upheaval. Nevertheless, Taxes Remain. Missteps can be costly and ultimately lead to additional stress. Knowledgeable advisors can provide assistance to the new widows and widowers, easing the transition to life without the deceased spouse.
Some of The Important issues to be considered are the following:
1- income tax returns
2- estate taxes
3- portability of estate tax exemption requires the filing of federal estate tax form 706. This is true even if no estate tax is due.
4- look into company benefits from all prior employers
5- retirement plans such as 401(k) plans and IRA’s
6- life insurance
7- What about the family Home
8- what about probate
9- what assets are not subject to probate
10- what about other investments such as stocks, bonds, Mutual funds and etf’s, etc.
11- what about stock options
12- and the list of items to be considered goes on and on. Why take a chance. Put together a qualified advisory team.
13- inheriting an IRA
14- moving on
15- make sure to include THE IMPACT OF all aspects of the 2017 NEW INTERNAL REVENUE CODE
Call me if someone has died and the surviving spouse is in need of guidance. I can help avoid chaos, high attorneys fees, costs and expenses and MISTAKES. I can be reached at (914) 413-1793 or by email at alan@ AlanBleckerCPA.com