Estate Planning for Widows & Widowers: When Your Spouse Dies
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- Опубліковано 23 сер 2024
- Not sure what to do when your spouse dies? Navigate through the estate planning essentials & learn strategies to help secure your financial future. 👉 Book a Call at www.cunningham... for trust administration, estate planning, and information on living trusts.
Did you know, in most circumstances in 2023, you need to lodge a will within 30 days of your spouse's death and begin the probate process within 60 days? This is why you need to meet early with your estate planning attorney. We'll explain how to take advantage of taxation benefits available to widows and the importance of filing for portability. Navigating through these legal and financial processes may seem overwhelming, but our goal is to make it manageable for you. Remember, seeing an estate planning lawyer is a must to ensure all steps are correctly followed.
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Thank you very much! I really enjoy and appreciate your videos! They are content dense and have a high signal-to-noise ratio!
Great to hear! Thanks for leaving a comment.
At 10:00 I think it would be more accurate to say "MAY" not "Can" qualify as a "Widow(er)" for the year of death plus 2 more years after the death of a spouse". I would bet than 4% of Widow(er)s qualify in years 2 and 3. Thanks again for your great videos!
Great video. Thank you for the valuable information. One question. For the depreciation, is it based on new base of the appraisal or the county property tax assessment of that year?
No. Broadly speaking, cost basis is defined as purchase price. For real estate it also includes improvements minus depreciation. These are unrelated to “base year value” (aka assessed value).
Thanks for your reply. But after the spouse dies, the cost base is step up to the appraisal value. Would the depreciation value be recalculated based on appraisal value? Thanks again!
@@rzhang3039 Typically, Yes. However, the original term of depreciation remains in place. If the original depreciation term was 27.5 years and 10 years have passed, the remaining depreciation is taken over 17.5 years.
Thanks again for the reply and good information!
I’m a widow and wanted to know if I need a trust or will if I don’t own home?
Estate planning is not only about real estate. It also involves planning for what happens to your bank accounts, personal possessions, and other assets upon your death. An estate plan can also include directives about your personal healthcare and financial decisions.
Proper estate planning can offer potential tax benefits for those who have lost a spouse- including the unlimited marital deduction which can exempt property passed to a surviving spouse from estate taxes. Additionally, "portability" allows the surviving spouse to add the deceased spouse's unused exclusion to their own, potentially shielding a significant amount from estate taxes. Consulting with an estate planning attorney is crucial to maximize these benefits- if you're eligible. Please contact our office if you are interested in these strategies: www.cunninghamlegal.com/california-law-offices/contact/
Do need a living trust or a will if you don’t own home?
Whether you own a home or not, both a will and a living trust can be important for managing your assets and wishes after death. A will can allow you to designate who will inherit your property and can also appoint a guardian for minor children. A living trust can efficiently transfer your assets (investments, savings, collections, and more) to your chosen beneficiaries, often allowing for a faster, less expensive process than probate. If you don't have a will or a trust, you leave the distribution of your assets up to state law, which may not align with your personal wishes and can cause additional stress for your loved ones. It's best to consult with an estate planning attorney to determine which is more suitable for your personal circumstances.
That’s a great response,thank you🇺🇸