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    • Home
    • First Steps
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UnexpectedPassing.com

Beyond Wills & Estate Planning
  • Home
  • First Steps
  • Death Planning
  • Funerals, Etc.
  • Financial Details
  • Real Estate
  • Digital Footprint
  • Subscriptions
  • Shared Stories
  • Checklists
  • About Us & Site Policies

Insurance & Taxes

Insurance

Insurance is pervasive in our lives - Life, Auto, Motorcycle, RV, Boat, Home, Renters, Liability, Flood, and Dependent Health insurance, to name a few. 


Each plan will need to be evaluated. Not everything can be can be canceled immediately!


If there are rental properties, and the renters have leases, they may not have to move out immediately. 


Likewise, if a relative is living in the deceased's home, they may have to stay on until other arrangements can be made. 


Normal insurance policies for liability, for example, would have to be continued.


There is also the issue of life insurance - usually one way to immediately access to liquid funds. However, if you are widowed and have young children, you might want to check with your insurance agent to discuss the various options that will enable you to optimize the ionger term benefits for your children.  

For more on insurance...

Check out 'Insurance' in our Death Planning section

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Again, a reminder

FOR ALL FINANCIAL ACCOUNTS: PROVIDE CURRENT/UPDATED DETAILS

  • Account/Portfolio Number
  • Name & Address of your Financial Institution
  • Contact Information at that Institution
  • Name of Any Join Signatories/Key Holders
  • Contact Information for Each Beneficiary

Taxes

Benefits: Social Security & Disability

Unfortunately, obligations for filing and paying taxes do not cease upon death. Personal income taxes for the deceased will have to be filed and potentially paid in the year of his or her death. In addition, taxes remain in the financial picture until the deceased's estate is settled, and all assets are distributed. 

Part of this would potentially include:

  • Paying capital gains taxes on any investment that is liquidated
  • Income tax on a pre-tax account, such as an IRA or 401K account that is liquidated


This situation implies the eventual payment of income taxes on investments, capital gains, and pre-tax retirement accounts when the estate is settled. 


Generally, your accountant will be able to assist with the estate filings, or your lawyer will be able to recommend someone familiar with all the requirements. 

More on Financial Details

Accounts & Benefits

Remember: - unless a bank account is a joint account, you will not be able to access the money. Did the deceased qualify for government benefits?

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Investment Portfolios

Generally investment accounts have specific beneficiary designations. These portfolios may be taxable or non-taxable retirement & educational savings or cryptocurrency accounts and more

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Businesses & Royalties

Continguency plans and royalties payments

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Other Featured Sections

First Steps

Death Planning

Death Planning

Where to begin the process

Step-by-step guide on what to do first. Calls, Paperwork, Care Arrangements and more...

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Death Planning

Death Planning

Death Planning

Personal Information

Detailed guide to prepare or fulfill final wishes

More

Funerals, Etc.

Death Planning

Funerals, Etc.

New Orleans Jazz Funeral

Where do you start? Physical remains, funeral options, death certificates, memorial services and more...

More

Real Estate

Digital Footprint

Funerals, Etc.

Home & Property

Key reminders on seuring residences - owned or rented, apartments or houses - after a loved one's death

More

Digital Footprint

Digital Footprint

Digital Footprint

Social Media & Digital Footprint

What you need to know to protect and eliminate the deceased's digital presences

More

Subscriptions

Digital Footprint

Digital Footprint

Magazine Subscriptions, Memberships and more

Magazine subscriptions, memberships and more...

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Subscriptions

Subscriptions

Subscriptions

Funny, helpful and special stories that others have shared to helpyou through the process

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Checklists

Subscriptions

Subscriptions

Funny, helpful and special stories that others have shared to helpyou through the process

More

When I Leave You & Financial Details Checklist

When I Leave You - Our preplan document


Financial Details Checklist

When_I_Leave_You (pdf)

Download

Financial_Details_Checklist (pdf)

Download

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