Obtaining a death certificate is crucial after the death of a loved one. It’s a necessary step toward settling their affairs and handling the probate process.
If the strategy is executed properly, an individual can disclaim interest in an inherited IRA and avoid any of the gift and income tax consequences associated with receiving the property.
However, settling the second spouse's affairs was more complex, even with advance planning. Everything from wills to banking to tax returns became more complicated.
Since estate issues, one way or another, affect everyone over time (since death does) and since Medicaid planning has for many years been a topic of popular conversation—and popular misconceptions in the U.S., it is not unusual that both subjects have generated misunderstandings and, in some cases, folklore that has persisted.
First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.
