When a spouse passes away, thinking about “the estate” might be the last thing on your mind. And while it’s necessary to give yourself ample time to process the loss of your partner, it’s also imperative you talk with your estate planning attorney sooner rather than later — or you might be facing some pretty unpleasant consequences.
There are many immediate tasks at hand after the loss of a spouse such as notifying their friends, family, and colleagues, making funeral arrangements, and managing all the accompanying grief that arises.
It’sdangerous to take estate-related matters into your own hands
This is often too difficult a time to pay attention to the paperwork and legal details that need to be attended to. Surviving spouses may have the urge to settle outstanding issues themselves, but small mistakes made during these exhausting times can come back to cause serious problems down the road.
Here are a couple of the most common ways improper
Estate planning attorneys remove the guesswork for you
2. Learning your exact role in your spouse’s estate plan
3. Investigating the possibility of a late election under Revenue Procedure 2017-34
Portability is the term used to describe a surviving spouse’s ability to take on the deceased spouse’s unused estate tax exemption and transfer it to your own plan. If you haven’t elected portability since it came into effect in 2011, there may still be time to take advantage of it thanks to a new IRS regulation called Revenue Procedure 2017-34. This rule allows surviving spouses to file for late portability election, which can, in turn, save significant taxes and create new opportunities for additional planning. Even if your spouse passed away several years ago, you might be able to take advantage of the new regulation – give us a call today to find out whether you’re eligible.
4. Beginning any necessary collaboration with other pertinent advisors
If the deceased spouse worked with other professionals like a tax or financial planner, we will get in touch with them to make sure the whole advisory team remains on the same page throughout the process.
The period immediately following the loss of a spouse is one of the most difficult challenges life puts in our paths. Concern yourself with the personal aspects of grieving and healing, and know that you aren’t alone when it comes to the complicated and often confusing task of sorting out his or her estate — far from it. Contact us right away and let us help you handle the legal and financial needs of the moment.