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01.20.2022 - Spouse Loss

Attendees Rating:

Excellent (92%)
Average (8%)
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Taxes for Those Who’ve Lost a Spouse
Presented by Larry Pon, CPA,
Larry Pon

Here are ideas that the attendees learned from Larry:

Don't put off estate planning, things can happen at any time.
Good reminders on many fine points of taxation and titling questions and situations.
I have a friend whose husband passed away 18 months - I now have info to help 'guide her' on tax returns' filing status.
Consideration of the decrease in the home gain exclusion after 2 years - didn't realize that. 
Considering a Roth conversion to take advantage of wider MFJ tax brackets in year of death
Convert Roth in year of death.  
File form 706 to establish portability of exemption; accelerate income in year of death when filing MFJ.
Get home appraised when a spouse dies.  
I previously hadn't considered the benefit of leaving a retirement account in the name of a deceased spouse, JUST IN CASE the surviving spouse ends up needing to take early withdrawals from it, even if they didn't plan to need the money (all in an effort to avoid the 10% early withdrawal penalty).
Importance of filing an estate tax return to take advantage of portability, as well as to establish basis step-up of assets.
Just an excellent presentation.  We run up against these issues on a regular basis.
Keeping a retirement account in the deceased spouse's name so the underage surviving spouse can take penalty free withdrawals 
Leaving ira in deceased persons name. 1031 exchange when tired of crazy rental regulations of calif 
leaving money is deceased IRA if they were under 59 1/2 to allow to take $ without 10% penalty
Lots of planning issues and items to go over for Surviving Spouse/ great alert to what matters.
Options on rollover of deceased spouse's IRA
Refreshed knowledge and is very timely!  Thank you!
So many great ideas.
The reminder to consider filing estate tax return for portability documentation. 
Timely topic.  Comprehensive overview of topic was great.
When to do RE appraisals and their purposes.   Variations in stepup in basis. Surviving widow/widower with children can file jointly up to 2 yrs after spoual passing. retirement acct rollover considerations based on age of survivor. Naming successor trustees and periodically reviewing their status
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