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Originally Posted by biggerboat
Thanks golddog. We will be fine but it has been a tough go lately. Of course, this is true for virtually everyone. My hope is that she will be one of the first groups to get the vaccine.
Also, she was exposed Monday and has shown no symptoms. Nor have I. So, that's good.
The estate stuff is really going according to plan. It is just a slow process.
Yeah, we are liquidating the portfolio and moving everything into the estate bank account. Then we will just split it from there.
An interesting thing that I never knew. When liquidating her assets, capital gains/losses are calculated as of the date of death.
We are hiring a professional service to tow the boat back. I have no desire to pull a boat that large (or any boat really) that far.
If the portfolio has significant gains since the date of death, you may want to consider distributing the portfolio assets in-kind rather than liquidating the assets and distributing that cash. This is because an estate generally pays income taxes on capital gains and pays at the top rate of 20% at a much lower threshold than a person filing a joint return. The 20% rate starts for an estate on the first dollar over $13,150 while a person filing jointly doesn't start paying 20% until capital gains exceed $496,000. If the capital gains are less that $80,000 the tax rate is 0 for a person filing a joint return.
Obviously you should seek advice from a professional and not rely on someone replying in your blog for tax advice.