When someone dies, taxes are not the first thing on the minds of the loved ones left behind. Unfortunately, at some point the heirs will need to address the taxes that will be due as a result of their loved one's death.
There are three common taxes that most people need to think about after a loved one passes away:
1. Final Income Tax Return
2. Estate Income Tax Return
3. Estate Death Tax
If you are unsure about being subjected to taxes after the passing of a loved one, we recommend you consult with a caring and trustworthy Financial Professional who can help you properly navigate through the world of taxes.
Main points mentioned in the video:
1:13 – Final Income Tax Return
1:31 – Estate Income Tax Return – Is there “income” or any gains after a loved one passes away?
2:27 – Estate Death Tax for the entire accumulation
Have questions about this video? Email us at firstname.lastname@example.org – we’d love to assist you!
Nelson Elder Care Law, LLC is not affiliated with Avantax Wealth ManagementSM