When a loved one passes away and the painful grieving process begins, the last thing on your mind are taxes and complicated financial matters.
But these things are tremendously important, and as soon as possible you’ll need to attend to them.
That’s why, starting with this issue, the Tax Reduction Letter is beginning a three-part series designed to help executors perform their complex duties effectively.
“Tax Considerations When
a Loved One Passes Away (Part 1)”
IMPORTANT:
An executor’s duties include:
- Planning how to avoid tax-rates that apply to a living trust
- Following filing rules that the IRS requires
- Making Required Minimum Distributions (RMDs)
- And much more. MUCH more!
The role of the executor is obviously a difficult one which is why we hope you’ll read this new article and the next two issues of the Tax Reduction Letter.
PLEASE NOTE: Our three articles are extremely comprehensive and the topics we mention in this email can’t possibly tell the whole story. Please review the complete articles as soon as possible.
Here’s just some of the material we’ll cover
when you read…
“Tax Considerations When
a Loved One Passes Away (Part 1)”
- The benefits of the married-filing-joint status are extended to a qualified widow or widower for the two tax years following the year of the deceased spouse’s death. For full details, read the full article.
- To avoid probate, many financially successful individuals and married couples set up revocable trusts to hold valuable assets. Once that trust no longer exists, the executor should make sure to get the income (and most likely the assets), out of the trust to avoid the onerous trust tax-rates, you’ll get the whole story when you read the full article.
- The onerous RMD rules generally apply to inherited IRAs and qualified plan balances. Beneficiaries cannot afford to ignore the RMD rules.
For full details…
Read the article
“Tax Considerations When a Loved One Passes Away (Part 1)