The Petrosewicz Law Firm Estate Planning Blog

Estate Planning Hacks Create More Problems

The estate planning attorney in this gentleman’s neighborhood isn’t worried about this rancher’s plan to avoid the “courtroom mumbo jumbo.” It’s not the first time someone thought they could make a short-cut work, and it won’t be the last. However, as described in the article “Estate planning workaround idea needs work” from My San Antonio, the problems this rancher will create for himself, his wife, and his children, will easily eclipse any savings in time or fees he thinks he may have avoided.

Let’s start with the idea of putting all the man’s assets in his wife’s name. For starters, that means she has complete control and access to all the accounts. Even if the accounts began as community property, once they are in her name only, she is the sole manager of these accounts.

If the husband dies first, she will not have to go into probate court. That is true. However, if she dies first, the husband will need to go to probate court to access and claim the accounts. If the marriage goes sour, it’s not likely that she’ll be in a big hurry to return access to everything.

Another solution: set the accounts up as joint accounts with right of survivorship. The bank would have to specify that when spouse dies, the other owns the accounts. However, that’s just one facet of this estate planning hack.

The next proposal is to put the ranch into the adult children’s names. Gifting the ranch to children has a number of irreversible consequences.

First, the children will all be co-owners. Each one of them will have full legal control. What if they don’t agree on something? How will they break an impasse? Will they run the ranch by majority rule? What if they don’t want to honor any of the parent’s requests or ideas for running the ranch?  In addition, if one of them dies, their spouse or their child will inherit their share of the farm. If they divorce, will their future ex-spouse retain ownership of their shares of the ranch?

Second, you can’t gift the ranch and still be an owner. The husband and wife will no longer own the ranch. If they don’t agree with the kids’ plans for the ranch, they can be evicted. After all, the parents gave them the ranch.

Third, the transfer of the ranch to the children is a gift. There will be a federal gift tax return form to be filed. Depending on the value of the ranch, the parents may have to pay gift tax to the IRS.  Because the children have become owners of the ranch by virtue of a gift, they do not receive the tax-saving “free step-up in basis.” If they sell the ranch (and they have that right), they will get hit with capital gains taxes that will cost a lot more than the cost of an estate plan with an estate planning attorney and the “courtroom mumbo jumbo.”

Finally, the ranch is not the children’s homestead. If it has been gifted to them, it’s not the parents’ homestead either. Therefore, they can expect an increase in local property taxes. Those taxes will also be due every year for the rest of the parents’ life and again, will cost more over time than the cost of creating a proper estate plan. Since the ranch is not a homestead, it is subject to a creditor’s claim, if any of the new owners—those children —have a financial problem.

We haven’t even mentioned the family business succession plan, which takes a while to create and complements the estate plan. Both plans exist to protect the current owners and their heirs. If the goal is to keep the ranch in the family and have the next generation take the reins, everyone concerned will be better served by sitting down with an estate planning attorney and discussing the many different ways to make this happen.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: My San Antonio (April 29, 2019) “Estate planning workaround idea needs work”

Review Life Insurance Trusts in Estate Plans

With the doubling of the estate tax exemption to $11.4 million per person and $22.8 million per married couple, with very few exceptions, the estate tax has become irrelevant until the new tax law sunsets in 2025. In the meantime, however, people who had life insurance trusts created, may want to consider dismantling them, says Think Advisor in the article “Section 1035-Your Way Out of Obsolete Life Insurance Trusts.”

Let’s look at reasons for keeping the life insurance trusts. The chances are good that the exemption levels will change going forward, reverting to somewhere between $5 and $6 million in 2026. Tax laws are never permanent, so keep in mind that all it takes is a change in the political climate and the exemption could decrease, or the estate tax rate could increase.

The federal estate tax isn’t the only estate tax. If you live in a state with estate and inheritance taxes, where transfer tax exemptions are being held to pre-reform levels, then the state estate tax is still the same as before.

If you have risk management concerns, whether they are from a business, malpractice possibility or something else, the asset protection value provided by the life insurance trust makes it worth keeping.

If the life insurance trust itself would permit the trustee to distribute the life insurance to the beneficiary or beneficiaries, then the life insurance trust could be dismantled, by distributing the life insurance owned by the trust to its beneficiary. For example, if your spouse is the beneficiary, then the trustee could give the policy to your spouse. If there are no other assets held in the trust, that would be it—no assets in the trust, no trust.

However, in some cases there may be remainder beneficiaries, and if that is the case, you ‘ll need to obtain their consent. That may not be an issue, if the remainder beneficiaries are your own adult children. If there is concern about future issues, the execution of a non-judicial settlement agreement would be used to provide a formal agreement to dismantle the trust and distribute the policy.

Some people may choose to dismantle their life insurance trusts but recognize that they still need the life insurance protection. One option is executing a 1035 exchange and getting rid of the old policy, in exchange for a policy or financial product better suited for current needs. Consider this as a way to obtain long-term care protection.

The IRC Section 1035 exchange rules allow the owner of a financial product, including life insurance or annuity contracts, to exchange one product for another, without treating the transaction as a sale. No gain is recognized if the first contract is disposed of properly, and there is no tax liability as long as the rules of the exchange are followed. A life insurance policy can be exchanged for another life insurance policy, an annuity, or an endowment contract with long-term care benefits.

The owner of the policy or contract may not change. An exception is only if a policy insuring two lives in a second to die policy, is exchanged for a single life policy after the death of one of the original insureds.

Talk with your estate planning attorney about whether any of the above makes sense for your situation. The transaction must be handled correctly to avoid any tax consequences and protect the continuity of the financial instrument. There are many details, and this should only be handled by an experienced attorney.

The Petrosewicz Law Firm can assist you with your estate planning and trust needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Think Advisor (April 17, 2019) “Section 1035-Your Way Out of Obsolete Life Insurance Trusts”

When Should You Start Claiming Social Security Benefits?

Social Security has helped generations of Americans. The intent of the program was to provide workers with income to supplement their retirement pensions. Through the years, reports The Crozet Gazette, the program has changed and now provides benefits to disabled workers, spouses and children of beneficiaries. The article, “When Should I Start Taking My Social Security Checks?” says that more than 62 million people receive benefits, making it one of the most used social benefit programs.

Over the years of working and paying taxes into the system, a working person receives a monthly benefit for life, with a COLA (Cost of Living Adjustment) being the only adjustment. Forty “work credits” are needed to be eligible for the program, which is about 10 years of work for most people. Benefits vary, depending upon the earnings of the individual and the number of years they paid into the system. The maximum benefit in 2019 would be $3,770 per month, although most payments range from $800 to $2,400, according to the Social Security Administration.

To receive the full amount, the worker must wait until FRA (Full Retirement Age) to collect benefits. Depending upon the year of birth, FRA can be age 65, 66 or 67. However, workers can take benefits as early as age 62 or as late as age 70. If benefits are taken early, the monthly amount is lower, and that cannot change. The later benefits are claimed, the higher the monthly benefit will be.

The question to which there is no single answer is when to start collecting benefits.

The first issue is if the person needs income and there are no other sources. Many people begin collecting Social Security early, because of unwanted early retirement. They are let go from their jobs and have a hard time finding another position. Another consideration is health. If someone has a chronic illness or a serious illness and they don’t expect to live a long time, it makes sense to take the money earlier.

What most people are looking for when they ask about the timing of benefits is a “break even” age. However, that is an inexact science. Unexpected events happen, so while the numbers may work at one point in time, life circumstances may happen which make those numbers useless.

Keep in mind that Social Security benefits may be taxable. Therefore, if you are still working, it makes sense to delay taking benefits.

There are varying opinions on what the future of Social Security will look like. In fact, 2018 was the first year since the 1980s when the program paid out more in benefits, than it received in tax revenue. Congress can authorize funding to address demographic shifts that will impact the trust assets. Social Security was designed as a supplement for worker pensions and not to be the sole income source, so retirement planning should include but not depend upon Social Security.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The Crozet Gazette (April 5, 2019) “When Should I Start Taking My Social Security Checks?”

What’s the Best Way to Pass the Family Vacation Home to the Next Generation?

The generous exclusion that allows wealthy individuals to gift up to $11.4 million and not get hit with federal estate taxes, came from the Tax Cut and Jobs Act of 2017. However, it’s not expected to last forever, according to the article “What to Know When Gifting the Family Vacation Home” from Barron’s Penta. Those who can, may want to take advantage of this window to be extra-magnanimous before the exemption sunsets to about $5 million (adjusted for inflation) in 2025.

At issue for potentially giving, is that when someone transfers property, the recipients must account for it, according to the original price paid for the property. This is known as the basis. For example, shares of stock valued at $5 million today that were originally purchased for $1 million 10 years ago, would be subject to income taxes only on $4 million, if the recipient were to sell the stock.

Advice given to wealthy individuals is to make use of that higher estate tax exclusion while it’s still in place, and that may include property that they expect to gift to beneficiaries. The most likely asset would be the family vacation home, whether it’s a ski chalet or a beach house.

First, make sure your children want the property. There’s no sense going through all the processes, unless they plan on enjoying the vacation home. Next, figure out the best way to gift the home, while making the most of the high exclusion.

If you don’t want to give up the use or control of the house during this process, experts advise not making an outright gift. This can lead to less control or the loss of a share to a child’s spouse, in the event of a marital split.

Another option: transfer the property into a trust. There are several kinds that would work for this purpose. Another is to consider a Limited Liability Company, which also serves to protect the family’s assets against any claims, if someone were to be injured on the property. The parents would transfer the property into the LLC and give children interests in the company.

A fairly common structure for vacation home ownership is called a Qualified Personal Residence Trust (QPRT). These are used by families who want to retain the right to continue using the home, usually for the rest of their lives. The property is transferred to the designated beneficiaries at death. If it is set up properly, a QPRT avoids any income or estate taxes.

A trust also lets an individual or a couple be very specific in how the property will be used, who can use it and any rules about how they want the home maintained. Making sure that a beloved family vacation home is well-cared for and not rented out for college parties, for instance, can provide a lot of comfort for a couple who have poured their hearts into creating a lovely vacation home.

Speak with an experienced estate planning attorney to learn how you can take advantage of the current federal estate tax exemption to pass your family’s vacation home on to the next generation.

Contact Benecia Flores at the Petrosewicz Law Firm at (281) 344-9455 or [email protected] to discuss preserving your inheritance.   

Reference: Barron’s Penta (March 31, 2019) “What to Know When Gifting the Family Vacation Home”

Retirement Planning Mistakes that Can Be Fixed and Those that Can’t

Mistakes that can be fixed are a wonderful thing. We learn from them, and hopefully we don’t make the same mistake twice. However, in the case of retirement planning, there are mistakes that can’t be fixed, says USA Today in the article “Social Security, IRA and tax mistakes to avoid when planning retirement” and happily, there are mistakes that can be repaired before too much damage is done.

Here are the fixable mistakes:

Getting your buckets mixed up. You may have heard of the planning model that uses buckets to help you get focused. The money you save for retirement is either in a taxable, tax-free or tax-deferred bucket. When people get to the end of the year or into tax season, they tend to focus on putting money into tax-deferred accounts, especially if they are over 50 and making catch-up contributions. However, it might be better to put money away in taxable or Roth IRA accounts.

A Roth account will let you withdraw money tax-free. A taxable account may also let you withdraw money at good tax rates for capital gains and dividend income.

In 2019, the annual IRA contribution limit is $6,000, or if you’re 50 and over, $7,000. The annual contribution limit for a 401(k) and other employee plans is $19,000 or $25,000, if you’re 50 and older.

You may need the tax savings later, when tax rates may be higher, more than you need it now.

Another fixable mistake: your HSA (Health Savings Account). Contributions go in and out of HSA accounts tax-free, if they’re used for qualified medical expenses. The money also grows tax-free in those accounts.

Making your Social Security plan. There are smart ways to take Social Security benefits, and there are not-so-smart ways to take Social Security benefits. How can you figure out what works best for you? Ask for help from the people who know. That includes your CPA, estate planning attorney and financial advisor. You should also talk with the people at Social Security. If you can delay taking benefits until FRA (Full Retirement Age), your monthly benefit will increase up to age 70. Should you withdraw money from your IRAs before taking Social Security? It all depends on your retirement savings. However, withdrawing money from your IRA now, would reduce future tax bills on the RMDs (Required Minimum Distributions) that begin at age 70½. Those distributions are taxed as ordinary income. If you’ve got large IRAs, RMDs might push you into a higher tax bracket.

Tax planning for the long-term. Do you stop thinking about taxes the minute your annual taxes are filed? Most people do but that’s a mistake. Instead, start thinking about tax planning. Experts say consider the amount of taxable income over the next five to 15 years. Once you have a general idea of what that will be, start figuring out how you’ll avoid launching yourself into a higher tax bracket. There are many different tax strategies, and your estate planning attorney and CPA will be able to help with tax planning. However, there are also two fairly straightforward ones you can put into place yourself.

First, tax harvesting. This involves selling investments at a loss, when you are in high-income years and selling investments that produce capital gains in low-income years. For instance, use a capital loss as an offset to ordinary income (up to $3,000 per year). If you have more than $3,000, it becomes a carry-over to future tax years. Selling investments that produce capital gains in a low-income year might make the difference between paying taxes at 15% instead of 20%. Check with your tax professional.

Next, using IRA or Roth IRAs. If you qualify to contribute to a traditional IRA in high-income years and a Roth IRA in low-income year, you get the best of both worlds. The first will let you reduce your AGI (Adjusted Gross Income). The second will let you reduce your future tax bill.

Planning for taxes as part of retirement, making smart Social Security decisions and making sure to save in the right tax bucket can make a difference. Make sure you work with qualified professionals and, if you can, get it right the first time.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: USA Today (March 30, 2019) “Social Security, IRA and tax mistakes to avoid when planning retirement”

Estate Taxes, Death and a Other Certainties

As the old saying goes, “Nothing is certain but death and taxes.” Many people don’t have the faintest idea of just how extensive those taxes can be, says Pittsburgh Post-Gazette in the article “Death and taxes—and taxes and taxes.” For all the headlines and noise about federal estate taxes, those are the last ones most of us have to think about.

The federal estate tax is a non-event, unless you belong to the upper one percent of wealthy Americans. The federal tax is paid, based on the value of the assets owned by the decedent at the time of death. It also includes any assets that are controlled by the decedent at the time of death. The first $11.4 million is now excluded from any taxes due for an individual, and $22.8 million for a couple.

Before the Tax Cuts and Jobs Act of 2017, this exemption was roughly $5 million, so many more people had to pay it. The levels are expected to go back to the pre-2018 amount at the end of 2025, unless the law changes before that time.

This is an important point to remember: the tax laws change, and anytime tax laws change, your estate plan should be reviewed to ensure that it is still going to work the way you intend.

In some states, like Pennsylvania, there are still inheritance taxes. Only six states have inheritance taxes, and only 12 states still have an estate tax. Your estate planning attorney will know what your state’s inheritance and estate taxes are and can help you plan, so that your family is not overly burdened when it comes time to pay these taxes.

Inheritance taxes are generally based on the value of the assets owned or controlled by the decedent. It is independent of the obligation to file an income tax return for the estate.

The decedent’s representative, usually the executor, is responsible for filling all state, local and federal income tax returns for the portion of the year, in which the decedent was still living.

When a person passes and their last will and testament is admitted to probate, the executor receives an employer identification number (EIN) from the IRS. If the decedent died owning a trust, the trustee must obtain an EIN. Once the EIN is obtained, the IRS sends a letter notifying you of the due date for the income tax return for the estate or the trust. These are known as “fiduciary income tax returns.” They must be filed every year for the year that the estate or trust exists.

Note that the tax returns involve federal capital gains tax and how assets purchased before death will be treated for tax purposes, when they are sold after death. Usually these are real estate and investments. There are a LOT of taxes to consider, each has a unique due date and there may be ways to pay some taxes that will have an impact on other taxes, depending upon the situation.

The key, and an estate planning attorney can help with this, is to create a plan that takes all the taxes into consideration and plans out a strategy to minimize taxes, ensure that everything is paid on time, and prepare for the taxes to be paid.

Ideally, all this planning takes place before someone dies, as part of their estate plan, so that their loved ones are not left figuring out all of the different tax liabilities and how to pay them.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Pittsburgh Post-Gazette (March 25, 2019) “Death and taxes—and taxes and taxes”

Using Trusts to Maintain Control of Inheritances

Trusts, like estate plans, are not just for the wealthy. They are used to provide control, in how assets of any size are passed to another person. Leaving an inheritance to a beneficiary in a trust, according to the article from Times Herald-Record titled “Leaving inheritances to trusts puts you in control,” can protect the inheritance and the asset from being mishandled.

For many parents, the inheritance equation is simple. They leave their estate to their children “per stirpes,” which in Latin translates to “by roots.” In other words, the assets are left to children according to the roots of the family tree. The assets go to the children, but if they predecease you, the assets go to their children. The assets remain in the family. If the child dies after the parent, they leave the inheritance to their spouse.

An alternative is to create inheritance trusts for children. They may spend the money as they wish, but any remaining assets go to their children (your grandchildren) and not to the surviving spouse of your child. The grandchildren won’t gain access to the money, until you so provide. However, someone older, a trustee, may spend the money on them for their health, education and general welfare. The inheritance trust also protects the assets from any divorces, lawsuits or creditors.

This is also a good way for parents who are concerned about the impact of their wealth on their children, to maintain some degree of control. One strategy is a graduated payment plan. A certain amount of money is given to the child at certain ages, often 20% when they reach 35, half of the remainder at age 40 and the balance at age 45. Until distributions are made to the heirs, a trustee may use the money for the person’s benefit at the trustee’s discretion.

The main concern is that money not be wasted by spendthrift heirs. In that situation, a spendthrift trust restricts payments to or for the beneficiary and may only be used at the trustee’s discretion. A lavish lifestyle won’t be funded by the trust.

If money is being left to a disabled individual who receives government benefits, like Medicaid or Supplemental Security Income (SSI), you may need a Special Needs Trust. The trustee can pay for services or items for the beneficiary directly, without affecting government benefits. The beneficiary may not receive any money directly.

An estate planning attorney will be able to review your family’s situation and determine which type of trust would be best for your family.

The Petrosewicz Law Firm can assist you with your estate planning and trust needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Times Herald-Record (Feb. 16, 2019) “Leaving inheritances to trusts puts you in control”

Time to Review Your Charitable Giving

What is great news for the wealthy may not be such great news for charities, if the only reason for giving is a tax benefit. Fortunately for the charities, most donors give because they feel it is their responsibility to have a positive impact on their communities or to support causes that have meaning to them. For those who don’t care, the U.S. Tax Cuts and Jobs act may cause them to review their charitable giving, says Barron’s Penta in the article “How to Leave Assets—With an Immediate Tax Write-Off.”

The charitable deduction for gifts given through wills, loses any tax benefit for families whose assets fall under the exemption limits. The loss of a deduction when there’s no tax benefit isn’t a major problem. However, it does lead families to wonder if there is any way that their charitable giving can still generate a tax benefit. The answer is yes. There are several ways for this to happen.

One way is making donations during your lifetime. This means that the donor qualifies to take a deduction against taxable income, instead of against the estate after death. However, there is also the option of the charitable remainder trust. This allows assets to be left to a charity upon death and provides an immediate deduction against income.

This is done with an irrevocable trust that is funded with assets that then become the source of a lifelong income stream for the donor and spouse or beneficiaries. When the donor dies, the assets left in the trust are donated to the named charity. At least 10% of the original value of the trust must go to charity. In the year the trust is set up, the donor gets an income tax deduction for the future gift.

How is the value of that deduction calculated? There is a formula that involves life expectancy, interest rates and several other factors. As you might expect, lower interest rates mean a lower deduction. However, if rates continue to rise, this type of trust and charitable giving is likely to become more attractive.

If markets stop being volatile and stay at elevated levels (as of this writing), then the trust looks especially favorable from a tax planning viewpoint. By transferring assets with large gains into the trust, the capital gains tax burden can be lightened. Once they are transferred into the trust, these assets are usually sold, with no capital gain taxes. They are shifted into income producing investments to ensure that the trust remains robust.

Other appreciated assets, like property or a business, can be transferred into a charitable remainder trust. However, this must be done with great care. The IRS may look askance at a move that appears to be solely about tax-avoidance.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Barron’s Penta (Dec. 14, 2018) “How to Leave Assets—With an Immediate Tax Write-Off”

Include Tax Strategy in Retirement Income Planning

When you’re busy working, saving and investing for retirement, taxes during retirement aren’t usually on the top of your list, explains The News Tribune in “Implement an efficient tax strategy to make sure your retirement income keeps you financially secure.” Taxes during your working life are not as complex, as they are during retirement.

For most retired people, the biggest assets are their retirement accounts, whether 401(k)s or IRAs. There are also Social Security benefits, any pensions or annuities and Medicare premiums. These all present tax-related decisions that need to be considered.

Tax deferred retirement savings accounts were introduced in 1974 and 401(k) accounts debuted in 1978. For members of the Baby Boom generation, this was the standard for retirement savings. There are now 10,000 Boomers retiring every day, and almost all of them have a retirement account. However, every withdrawal of an IRA account requires a tax payment (unless it’s a Roth IRA, where taxes are paid when contributions are made).

If you were a disciplined saver and amassed a significant amount of money in your retirement savings but not a lot in non-taxable accounts, you may find yourself in a financially sticky and non-tax savvy situation. This is especially true after age 70 1/2, when Required Minimum Distributions must start from those accounts. Your income will go up and might put you into a higher tax bracket than you expected.

When your retirement account income is combined with Social Security, it can cause the amount of Social Security income subject to taxation to rise. If the total of one-half of Social Security benefits plus other taxable income is more than $34,000 (or $44,000 if you are married filing jointly), you’ll have to pay ordinary income tax on as much as 85% of the Social Security income, instead of 50%. That’s not a fun surprise.

On the other hand, you’ll be making payments on Medicare premiums, which for most people are netted out of their Social Security payments. Higher income earners pay more for Medicare. Think of it as a stealth tax. Therefore, you’ll need to manage your income around the Medicare premium thresholds. You don’t want to see your premiums double from one year to the next.

Unless you run the numbers very closely with an experienced advisor, you may find yourself with a higher tax burden than you expected during retirement. All this planning needs to be done in concert with a professional advisor, who can help you manage your tax liability, maximize your Social Security benefits and make sure that you have enough money to enjoy your retirement. That may include trips around the world or leaving a substantial legacy to your children. Speak with an estate planning attorney about minimizing taxes in concert with your estate plan.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The News Tribune (Jan. 4, 2019) “Implement an efficient tax strategy to make sure your retirement income keeps you financially secure”

What Documents Do I Need When Someone Dies?

This is not a short list, and frankly, it isn’t riveting reading. However, if you have had a family member pass away, this is the information you and your estate planning attorney need to help settle the decedent’s final affairs. An even smarter approach would be to gather these materials before someone dies, but that doesn’t always happen. This useful article from The Balance, “Important Papers to Locate After Someone Dies,” will help, regardless of your family’s situation.

Asset Information:

• Account statements, including bank accounts, investments, and retirement accounts.
• Life insurance policies. You may be required to show the original documents.
• Beneficiary designations. This could include payable on death accounts and transfer on death accounts.
• Real estate deeds
• Titles for cars and boats
• Stock and bond certificates–if held in certificate forms.

Business Documents:

• Corporate, LLC or partnership documents
• Account statements
• Contracts
• Business licenses
• Income tax returns

Contracts:

• Pre- or post-nuptial agreements and amendments, if any
• Loans
• Leases

Bills:

• Utilities, cell phone, credit card, storage unit bills
• Property tax and mortgage bills
• Lines of credit or any outstanding loans
• Medical bills
• Funeral bills

Original Estate Planning Documents:

• Last will and testament, plus codicil(s), if any
• Revocable living trust and amendment(s), if any
• Legacy letter, if there is one

Tax Returns

• Income tax returns – federal and state for the last three years
• Gift tax returns -federal and state

Death Certificates –

• You’ll need to order several from the funeral home

In addition to these documents, locate the decedent’s Social Security card and Medicare or Medicaid information.

It is a lot of information to gather, especially during a time of grief. Some people find this process cathartic, as they work through years of documents. Others may require help from another family member or a professional from their estate planning attorney’s office.

The Petrosewicz Law Firm can assist you with your estate planning and probate needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The Balance (Jan. 1, 2019) “Important Papers to Locate After Someone Dies”