Many people have received stimulus checks or direct deposits which were authorized through the CARES Act (Coronavirus Aid, Relief and Economic Securities Act). The IRS issued payments automatically to individuals who filed taxes in 2018 and 2019. Some of those tax filers are now deceased, which leaves many wondering what to do with the stimulus checks and direct deposit payments made payable to deceased persons.
This is an unprecedented period of time as the COVID 19 virus continues to affect lives and businesses across our nation. Amid the uncertainty, proactive steps should be taken to be prepared and provide peace of mind. Ensuring important legal documents are in place and making crucial decisions in advance are steps every person should take to prepare for any time in which you can no longer make your own decisions. It is also important to have a plan in place for any minor children or other loved ones are dependent on you for support.
This year, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) took effect. The SECURE Act makes several big changes that affect retirement accounts. Understanding the SECURE Act is imperative to ensure your estate plan is up to date and that your estate planning goals are accomplished.
There have been recent changes in the estate tax laws that may affect your current estate plan. I share those details in the post that follows and also provide you with some recommendations to bring your estate plan up to date.
Talking to loved ones about estate planning is a difficult conversation because people do not like to talk about death.
The Tax Cuts and Jobs Act of 2017 ("Act"), effective as of January 1, 2018, includes significant changes that affect estate planning.
This is a question I hear frequently from individuals seeking to pass property to their heirs and avoid probate, which can be a lengthy and expensive process.