Benjamin Franklin observed that “nothing is certain except death and taxes.”
And when the death of a loved one does occur the inevitable issue of taxes does arise.
Who is responsible for paying the taxes due upon the decedent’s death?
The executor.
And if you become an executor, I urge you to read the full article. It’s the second in my three-part series that explains what you need to know when it comes to handling federal tax issues.
Here is just some of what you’ll learn when you…
Read the full article
“Considerations When a Loved One
Passes Away (Part 2)”
- We’ll explain the responsibilities of the executor. When a loved one passes away, the executor is the person who handles the financial fallout. This includes tax issues and other important functions. We’ll explain them in detail when you read the full article.
- We’ll show you how to deal with the decedent’s medical expenses. If uninsured expenses were incurred, but not paid before death, you, as the executor, must make a potentially important choice about how those expenses will be treated for federal tax purposes. This is a complicated issue, which may require seeking professional assistance. NOTE: You may be able to take advantage of a valuable deduction privilege. Don’t miss it! We’ll give you the whole story when you read the full article.
- We’ll provide you with other important information, too. We’ll cover the unlimited marital deduction, life insurance proceeds, when you should make the so-called “portability election,” and much more. You’ll get the whole story when you…