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What tax issues are there when a spouse or parent dies?

What tax issues are there when a spouse or parent dies?

August 17, 2023

A spouse or parent passing is a major life event and one that we are often not well prepared for.

For the person or persons who have to help with all the administrative, legal and tax issues it can be especially stressful since for many people it’s the first time they have ever had to do this and so its unfamiliar territory and it can be expensive.

I’ve had a few calls recently from people whose parents have passed and so I thought I’d share some information.

The best time to plan is obviously before its happened, not afterwards since many decisions are irrevocable after someone passes and too often when money is involved things can get confrontational between the parties involved, even family.

It could be an issue such as mom and dad left property to the children and one child wants to keep it and the other doesn’t. 

However, the child that wants to keep the property doesn’t have the funds to buy out the other sibling.  

An insurance policy bought earlier in life could be a source of funds for one sibling to buy out the other and keep the home in the family.

This link will take you to an article on my website for more information that could help make the process a little less stressful.

If you feel that you don’t have a good plan in place or you might be that person who has to help navigate through the process and its time to get started, contact me and let's get started.

The information in this and other articles is intended to be educational in nature only.  Not tax, legal or investment guidance for you specifically.  Each person’s situation is unique and you must seek appropriate professional guidance that can address your unique situation.