What Issues Should I Consider If My Parent Passed Away?
Losing a parent can be one of the most emotional and difficult times of a person’s life. Unfortunately, during this time you likely will have to be dealing with the logistics of distributing their estate and their personal belongings. Here are some common issues to watch out for.
Was Your Parent Married When They Passed Away?
If your parent was receiving Social Security, their surviving spouse may be eligible for survivor benefits. Even if the living parent is already claiming Social Security, they may see an increase in benefits.
Did Your Parent Own a Home?
If so, their primary residence can be sold within two years after your parent’s death and still be eligible for the $500,000 capital gains exclusion (for the surviving spouse).
Could There Be Property and Assets Not Yet Identified?
Was your parent open with all of their assets, or were they private with their finances? You may find previously unknown assets, or worse, unknown debts. You will check for statements and accounts to get the full picture.
View Our Checklist
To see our full checklist, which also covers Estate Settlement Issues, Insurance Issues, and more, click here.
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If you would like to schedule a call to talk about Estate planning or other investment advice, please give us a call at 303-440-2906 or click here to schedule a time to speak with us.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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