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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 orfor 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 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
Latest News:Site: Yahoo! News Search Results for news [News] 5 O'Clock Shadow News you can't leave work without: Asamoah makes a deal News of record News of record reports for Chelan and Douglas counties Newport News police seek help on wave of thefts from cars NEWPORT NEWS A rash of summer-night car break-ins and vandalism has police asking the public for help, and warning them to lock their vehicles. Newport News hit with rash of car break-ins NEWPORT NEWS -- Police are asking for help in solving a large number of car break-ins and vandalism cases in Newport News. According to police, 134 cases were reported in the area between J. Clyde Morris Blvd. and Oyster Point Road since June 1. Most of the incidents were between J. Clyde Morris and Middle Ground Blvd. and happened during the early evening hours. Police say many thefts happened ... NEWS ALERTS: Sign up to get breaking news on your mobile phone Get breaking local news as it happens. Enter your phone number: Standard Messaging Rates or other charges apply. To Opt-out text STOP to 4INFO (44636). For more information text HELP to 4INFO (44636). Contact your carrier for more details. Powered by 4INFO. Newport News police search for suspects in string of car thefts Newport News detectives are seeking assistance from the Community, in solving a large number of cases involving damage to, and larcenies from, cars. News in brief Here are a selection of brief news items from this week?s paper edition, and possibly a few news briefs that didn?t make it in the paper. Newport News townhouse damaged by fire NEWPORT NEWS A townhouse in the 1000 block of Willow Green Drive was damaged by fire this morning, fire officials said. One of the residents had minor burns to his hand, a Fire Department news release says. An off-duty city firefighter/medic helped evacuate the adjoining homes. News of the Past who has deep genealogical roots to Winston County, provides news from past editions of the Winston County Journal. The Winston County Board of Supervisors posted a notice of the new "Dog Law" which was passed in the July term. News Wrap: Afghan Passenger Bus Bombing Kills at Least 25 Listen to the Audio In other news Wednesday, a roadside bomb killed at least 25 passengers and wounded 20 others when it hit a bus in southern Afghanistan. Also, due to furloughs, California state workers will be forced to take an extra three unpaid days off every month until the Legislature adopts a budget. HARI SREENIVASAN: A bus packed with passengers hit a roadside bomb in Southern ... Site: news - Google News Arizona News Round Up - San Francisco Chronicle (blog)
MORE RESOURCES: Site: Yahoo! News Search Results for grief loss Lessons of Loss -- University of the Rockies Research Provides Insight to Supporting Bereaved Parents The loss of a child is devastating. According to a University of the Rockies research study, bereaved parents consider grief therapy to be mildly effective at best and ineffective at worst. PM expresses grief over loss of lives in Islamabad plane crash New Delhi, Jul 28 : Prime Minister Manmohan Singh today expressed grief and shock over the tragic plane crash in Islamabad. Local Author, Widowed At 23 Writes About Grief Grief is something we're all familiar with, but what happens when the grieving is over? KSMU's Chasity Mayes reports. Unlimited Horizons: Grief comes to all, but denial can feed pain and prolong it I remember reading about author Joan Didion?s terrible loss of her husband in 2003 and daughter in 2005. It was a very close family, and I cannot imagine how she coped with the terrible grief that followed. PM conveys grief, shock over Pakistan plane crash Indian Prime Minister Manmohan Singh Wednesday expressed 'grief' and 'shock' over the plane crash near Islamabad that killed 152 people. Mother's grief The impact of the Oxford heart surgery deaths An affirmation of life after loss When Elissa Al-Chokhachy was 23, her 29-year-old cousin, Steffan, was killed in a car accident. The loss left her asking the ultimate question about life after death. Steffan answered her in a dream. India expresses grief over air crash in Pakistan External Affairs Minister S. M. Krishna has condoled the unfortunate loss of innocent lives in the tragic plane crash today, near Islamabad in Pakistan. Father's grief over Ibiza crash victim A grieving father today spoke of the loss of his 21-year-old daughter who was killed in a suspected hit-and-run crash in Ibiza. Two 'Good Grief Seminar' sessions set in Florence FLORENCE — Two sessions of the Good Grief Seminar have been set for August in Florence. Site: grief loss - Google News North Dallas: Hockaday athletic director coaches others through grief - Dallas Morning News (blog)
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