If my spouse died without a will, how will their assets be distributed?
Joint assets will pass to the joint owner. The beneficiaries designated on life insurance and retirement accounts will receive benefits…read more
Are distributions of a retirement plan or IRA of the deceased taxable?
Yes, it is considered income. The deceased didn’t pay income tax on the distribution, so the recipient pays the income…read more
Do I owe taxes on life insurance benefits payable to me?
Not usually. Unless you paid for the privilege (for example, purchased it as an investment) to collect those policies, they…read more
May I refuse inherited property in order to reduce taxes?
To refuse all or a portion of inherited property, it’s best to use a disclaimer. This allows the property to…read more
Upon a family member’s death, what taxes are due?
Federal Estate Tax: Estate tax is due on estates which exceed the unified credit exemption equivalent after amounts given to…read more
Are surviving family members entitled to Social Security benefits?
The deceased must have paid at least 10 years of Social Security to be covered. If eligible, there are two…read more
How should I handle the deceased’s assets?
You may want to seek help from a financial advisor, but here are some guidelines: Vehicles: The title may need…read more
What will I need if a member of the family dies?
Copies of insurance policies Marriage certificate, if their spouse will be claiming benefits At least 10 copies of the death…read more