Blog Posts

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes.

Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return (Form 1040).

Similarly, if the deceased individual had a sizable estate or assets that might generate income in the future, the estate may owe taxes. Federal estate tax forms pertaining to the decedent’s estate may need to be filed (Form 1041, Form 706).

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By Dena Fischer

When my parents died within four months of each other I was left reeling by the loss, and I also knew there would be a lot to handle. Before they passed, I knew that I would inherit the house we had moved into when I was 15 years old; a lovely ranch with a full basement, next door to a horse farm. In the “country,” but just minutes from grocery stores, banks, post office and restaurants.

It was also full of stuff accumulated over a lifetime and needed a drastic update.

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By Dena Fischer

There is no doubt that the loss of a parent is a life event that leaves a lasting gap in the emotional framework of your life. Losing both in a short period of time is a devastating experience, as I can personally attest. I lost both my parents during the pandemic, not as a result of it, they just both had health issues that finally caught up with them.

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Health insurance and health care spending are popular topics of conversation among Americans. Most households are eager to maintain the quality of the coverage they enjoy well into their retirement years. But preparing for extended care requires consideration and thoughtful preparation.

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