 | Loss of a Spouse/Family Member When your spouse or a family member dies, you'll need to handle numerous financial and legal matters. Even if you've always handled your family's finances, you may be overwhelmed by the number of matters you have to settle in the weeks and months following your loved one's death. While you can put off some of these tasks, others require immediate attention. After planning the funeral, you'll need to get organized, determine what procedures to follow to settle the estate and claim survivor's and death benefits, and find competent advice to help you through this difficult time. | | More Details |
 | Understanding Probate When you die, you leave behind your estate. Your estate consists of your assets--all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death. The proceedings take place in the state where you were living at the time of your death. Owning property in more than one state can result in multiple probate proceedings. This is known as ancillary probate. | | More Details |
 | Surviving Spouse's Elective Share The elective share (sometimes called the widow's election, forced election, or "taking against the will") is a statutory right of a surviving spouse to receive a specified share of the decedent's estate instead of accepting the provisions made for the spouse in the decedent's will. The surviving spouse may either claim or waive the elective share. If waived, the surviving spouse can keep whatever he or she received under the will or other arrangements. The rationale behind the elective share is that it is in the public's best interest to protect surviving spouses. The elective share is determined under state law and varies from state to state. | | More Details |
 | Types of Post-Mortem Elections A disclaimer is a refusal to accept a gift, bequest, or other form of property transfer. This allows the beneficiaries to redistribute estate property without incurring transfer taxes on the redistribution. | | More Details |
 | Types of Post-Mortem Elections for Business Owners This election deducts a portion of the value of a qualified family- owned business interest from the estate, up to a maximum of $675,000, thereby possibly reducing any estate tax due (but not any generation- skipping transfer tax). | | More Details | Prepared by Forefield, Inc. Copyright 2011.
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