How to Deal With A Death in the Family and Still Run Your Small Business
As a small business owner we have to deal with tax law changes, local ordinances, environmental laws, Worker's Compensation, etc. Just when we thought we had everything under control, something terrible happenes. A death in the family. Oh my God you say? What do I do now? Well since I have been there, let me tell you what you need to know.
When someone close died in my life, I plunged immediately into an unfamiliar state of emotion, frustration, anxiety and grief. Needless to say, I wasn't any good to my business. I couldn't make decisions and was totally helpless not knowing what to do. After talking to financial advisors, attorneys and accountants, all of which was very time consuming and extremely costly, I learned that I had a lot more to learn.
If you have a death in the family and all of a sudden you realize you are in charge, gather the following information before consulting the professionals. It will save you time away from your business and relieve some of the stress. Not to mention make it easier for your consultants and saving you money. Here is a list of the things you may need to do to settle the estate and who can help you with answers:
GENERAL PROCESS FOR ESTATE SETTLEMENT
Send for Copies of Death Certificate
Gather Information on Estate Assets: Executor, Trustee, Family Members, Financial Advisors
Meetings With Estate Planning Attorney, Accountant, Financial Advisors
Valuation of Assets - Date of Death or Alternate Date Six Months Later: Executor, Trustee, Family Members, Financial Advisors
Get Appraisals for Real Property and Business Interests: Executor, Trustee, Family Members
Preparation and Filing of United States Estate Tax Return Form 706: Attorney
Preparation of Estate Settlement Allocation Schedule: Attorney
Preparation and Filing of Estate Income Tax Return: Attorney and Accountant
Meetings With Family To Determine Appropriate Reallocation of Estate Assets
Consider - Assets and Amounts to be Placed Into A/B, A/B/C or Other Trusts, Needs And Abilities Of Surviving Spouse, Family Gifting Programs: Executor, Trustee, Family Members, Financial Advisors
Set Up Listing of Buys/Sells for Schedule D of the Applicable Income Tax Returns: Executor, Trustee, Family Members, Financial Advisors
Transfer and Change of Title/Ownership Registration of Estate Assets into Newly Created Trusts, Existing Trusts, Business, Joint or Personal Accounts: Executor, Trustee, Family Members, Financial Advisors
Preparation and Filing of Applicable Joint and/or Individual Income Tax Returns: Accountant
One of the hardest parts of estate settling I found was the filing of the Estate Tax Return. The following is much of the information you will need. Your accountant and attorney will ask for it so you may as well have it ready.
INFORMATION NEEDED FOR UNITED STATES ESTATE TAX RETURN
FOR EACH ASSET IN THE ESTATE YOU WILL NEED TO INDICATE THE OWNERSHIP. FOR EXAMPLE: DECEDENT, SPOUSE, JOINT WITH SPOUSE, JOINT WITH OTHER JOINT TENANTS, TENANTS IN COMMON, LIMITED PARTNERSHIP, GENERAL PARTNERSHIP, PART OF BUSINESS INTEREST
Real Estate:
Description, Property Appraisal, Valuation Include Personal Residence Here If Applicable
Stocks and Bonds:
Description, CUSIP Number, Number of Shares, Price Per Share, Bond Par Value, Number of Bonds, Price Per Bond, Total Value
Mortgages and Notes:
Face Value and Unpaid Balance, Date of Mortgage or Note, Date of Maturity, Name of Maker, Property Mortgaged, Interest Dates and Rate of Interest
Cash:
Name and Address of Financial Institution, Account Balance, Account Number, Nature of Account - Checking, Savings, C.D.'s
Insurance on Life: Name of Insurance Company, Policy Number, Number of Decedents: Form 712 Life Insurance Statement from Company, Include - Insurance on Decedent's life receivable by or for benefit of estate and receivable by beneficiaries other than the estate
Jointly Owned Property:
Information as indicated above - Interests Held By Decedent and Spouse as the Only Joint Tenant, All Other Joint Tenants
Other Misc. Property:
In this section list items not included in any other;
section above such as -
Debts Due the Decedent
Interests in Business
Interests in Partnership or Unincorporated Business
Insurance on Life of Another
Section 2044 (QTIP from Prior Transfer) Property
Claims, Judgements
Rights, Royalties, Leaseholds
Reversionary or Remainder Interests
Shares in Trust Funds
Household Goods and Personal Effects
Automobiles, Boats, R.V.'s
Annuities, IRA's
Name of Financial Institution,
Trustee or Custodian
Pensions:
Description Account Number, Account Value, Beneficiary Information; Transfers During,
If Applicable, All Necessary Information Decedents Life:
Powers of Appointment:
If Applicable, All Necessary Information
In addition to all of the above information for the federal estate tax return, you will need information including descriptions, asset values and expense amounts for the following allowable estate deductions:
Funeral Expenses
Expenses Incurred in Administering Property Subject to Claims
Debts of the Decedent
Mortgages and Liens
Net Losses During the Administration
Expenses Incurred in Administering Property Not Subject To Claims
Bequests to Surviving Spouse
Charitable, Public and Similar Gifts and Bequests
I hope you never have to use this information. But if you do, this will save you thousands of dollars in consulting fees, weeks of lost revenues from your business and a lot the stress, hardship and anxiety I went through.
"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
 Google News Updated : Sun, 06 Jul 2008 06:55:22 GMT Ore. man completes flight of fancy _ in lawn chair - The Associated Press
The Associated Press - CAMBRIDGE, Idaho (AP) - Using his trusty BB gun to help him return to Earth, a 48-year-old gas station owner flew a lawn chair rigged with helium-filled balloons more than 200 miles across the Oregon desert Saturday, landing in a field in Idaho. Video: Ore. Man Uses Balloons and a Lawn Chair to Fly Believe it or not, he's lounging on air Publ.Date : Sun, 06 Jul 2008 05:50:31 GMT Analysis: McCain struggles to regain footing - The Associated Press
The Associated Press - WASHINGTON (AP) - John McCain calls himself an underdog. That may be an understatement. The GOP presidential candidate trails Democrat Barack Obama in polls, organization and money while trying to succeed a deeply unpopular fellow Republican in a year ... Rural voters lean to the GOP Neither Obama nor McCain meets Energy Party standard Publ.Date : Sun, 06 Jul 2008 04:40:55 GMT Obama "puzzled" by Iraq comment frenzy - Reuters
Reuters - By John Whitesides, Political Correspondent ST. LOUIS (Reuters) - Democratic presidential candidate Barack Obama said on Saturday his plan to end the Iraq war was unchanged and he was puzzled by the sharp reaction to his statement this week that he ... Obama struggles to thread needle on Iraq Obama Refines the Blame on Iraq Miscue Publ.Date : Sun, 06 Jul 2008 05:08:23 GMT Hippie Arrests Draw ACLU’s Attention - New York Times
New York Times - By AP CHEYENNE, Wyo. (AP) - The American Civil Liberties Union said on Saturday that it would investigate the actions of federal officers who had arrested five members of the Rainbow Family in western Wyoming during the group’s annual gathering. ACLU plans to investigate Rainbow Family treatment ACLU to investigate Rainbow Family treatment Publ.Date : Sun, 06 Jul 2008 00:40:38 GMT McCain Battles a Nemesis, the Teleprompter - New York Times
New York Times - Mary Altaffer/AP By MARK LEIBOVICH LAS VEGAS —Senator John McCain was performing relatively smoothly as he unveiled his energy plan. McCain Campaign, in Relaunch, Seeks Tighter Message Focus McCain Campaign on Obama and Iraq Publ.Date : Sat, 05 Jul 2008 23:31:52 GMT Argentine Lower House Passes Grain Export-Tax Plan (Update3) - Bloomberg
Bloomberg - By Eliana Raszewski July 5 (Bloomberg) -- Argentina's lower house of congress approved the government's plan to increase taxes on exports of grains and oilseeds, risking a resumption of three months of strikes by farmers. Export Tax That Angers Farmers Advances in Argentina Argentina lawmakers approve farm export tax hike Publ.Date : Sat, 05 Jul 2008 22:41:30 GMT Smallest planet shrinks in size - BBC News
BBC News - The smallest planet in the Solar System has become even smaller, studies by the Messenger spacecraft have shown. Data from a flyby of Mercury in January 2008 show the planet has contracted by more than one mile (1.5km) in diameter over its history. First Results From Messenger's Mercury Flyby Mercury is shrinking, NASA craft finds; a cool clue: 'lobate scarps' Publ.Date : Fri, 04 Jul 2008 11:45:26 GMT Amazon Associate Software |
PARLOT::Ebooks, Scripts,
Websites, and more... I've always waited for the perfect moment to be happy:... Read More October makes me think of Halloween, and Halloween makes me... Read More One of the areas where I seem to be placing... Read More New Tears [about Grieving]If it rains or shinesLittle does it... Read More When I invited Martha to the gathering at my house,... Read More Overcoming death and beginning once again to live is the... Read More Remember the Eulogy projects we had to write back in... Read More Not long after Arlyn died, my husband and I decided... Read More During the 28 years I have been interacting with bereaved... Read More There is only one place where tragedy occurs, and that... Read More The loss of a loved one. It is often difficult... Read More Death: No thank you. Dying: Gives me a panic attack.... Read More During the two years of my husband's terminal illness, death... Read More I was with my daddy when he died. Excuse me,... Read More When I was born in 1962 I thought life was... Read More It was a moment I will never forget.On February 22,... Read More Recently, several suicides have occurred right here in my own... Read More Justin was a typical ten year old boy. He liked... Read More Dedicated to my mother, FlorenceNovember 11, 1920 ? May 25,... Read More There are many experiences in life, which remind us that... Read More For most children, their first experience with grief comes with... Read More My nan was called Margaret and lived until the age... Read More The well-known pioneer researcher Dr. Elisabeth Kubler-Ross identified five states... Read More 1) Don't try to make the grieving person feel better.... Read More If you have ever lost someone dear to you it... Read More
Adsense
websites
Present Moment Awareness: Lessons From My Dog
Grief Masks
The Creative Side of Healing
New Tears [about Grievng--with commentary]
Scared to Death of Dying and Denying Grief
Learning to Live Again
Dying? Not Me! Why You Should Plan for Transition
When Sorrow Is Too Great to Be Borne Alone, Support Groups Reach Out
Who has the Worst Pain
How Can I Transform Tragedy?
Sympathy Messages
Mexico: Death in Mexico
Death Poem
How to Turn Grief into Joy
The Twists and Turns of Life
Beyond A Mothers Nightmare To Radical Forgiveness
Suicide in the Church Part 1
Why Does God Allow Suffering?
The Lesson of a Mothers Death
Loss Involves Change - The Transformative Power of Loss and Change
Whens Sarah Coming Home? Helping Your Child Understand Death
How My Four Your Old Son Reacted To The Death Of His Great Nanny Biscuits
Are We All Losers? Understanding Grief
Grief Support: The Don?ts
Grief
Affordable and Reliable Web Hosting Starting at $4.49/Month
Who has the Worst Pain
During the 28 years I have been interacting with bereaved... Read More
Traumas as Social Interactions
("He" in this text - to mean "He" or "She").We... Read More
On Empathy
The Encyclopaedia Britannica (1999 edition) defines empathy as:"The ability to... Read More
Why Dont We Talk About Anticipatory Grief?
I know anticipatory grief - a feeling of loss before... Read More
The Walking Wounded
When my phone rang the other day, it was a... Read More
Silent Tears - from a Norwegian Hospital
Silent tears hit hospital-white sheets. The young Pakistani mother holds... Read More
Dying On the Inside: A Childs Grief
The impatient tooting of a car horn startled us into... Read More
Am I a Mother - Tips for Handling Mother?s Day After Miscarriage
Are you spending this Mother's Day wondering if you are,... Read More
Suicide Survivor
Suicide is a nightmare for survivors of loved ones. Death... Read More
Whats It All About?
For most people life is a fairly ordinary existence -... Read More
Is Death Really the End or the Window to A New Beginning?
Earlier this month I learned a dear friend had been... Read More
Whens Sarah Coming Home? Helping Your Child Understand Death
For most children, their first experience with grief comes with... Read More
Tenderizing
Recently, the magazine I own and edit got a hate... Read More
Graceful Grief: Angelic Help is on the Way!
I believe that major change and loss in our lives... Read More
Dads, Life, and Death
When he looked at me, it was clear my father... Read More
Suicide in the Church Part 1
Recently, several suicides have occurred right here in my own... Read More
Guilty, Your Honor: The Burden of Guilt After a Suicide
Guilty, Your Honor, I whisper.Have you ever done anything so... Read More
Beyond A Mothers Nightmare To Radical Forgiveness
It was a moment I will never forget.On February 22,... Read More
Cultivate a Friendship with Death
Why We Fear Death"Men fear death as children fear to... Read More
You Can Help A Grieving Heart
Oh, we can talk about the best cold medications and... Read More
And You Always Will
I opened the dishtowel drawer for about the sixth time,... Read More
Suicide in the Church Part 2
In a town the size of mine - about 16,000... Read More
Pet Loss: Significant and Profound Loss or Much Ado about Nothing?
For those who have deeply loved and lost their animal... Read More
A Critical Assessment of Euthanasia
The question of whether, say, a man should have the... Read More
Grief
If you have ever lost someone dear to you it... Read More
Dealing with Grief & Loss |