When a person dies, taxes and other costs must be paid in cash within a short period following the date of death. If arrangements haven’t been made to anticipate them, these expenses can severely deplete an estate intended to remain intact for the heirs.
Expenses cropping up as a result of an estate owner’s death can add up to a disturbingly long list:
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The information contained herein is based on our current understanding of federal tax and state insurance laws as they relate to life insurance, annuities, ERISA qualifies retirement plans or other subject matter discussed.
These laws are subject to change in the future. Turtle Creek Financial Group and or its associates do not provide tax or legal advice.
Please consult your own advisors for legal, tax or accounting advice.