Drug testing

How to Deal With A Death in the Family and Still Run Your Small Business

As a small business owner we have to deal with tax law changes, local ordinances, environmental laws, Worker's Compensation, etc. Just when we thought we had everything under control, something terrible happenes. A death in the family. Oh my God you say? What do I do now? Well since I have been there, let me tell you what you need to know.

When someone close died in my life, I plunged immediately into an unfamiliar state of emotion, frustration, anxiety and grief. Needless to say, I wasn't any good to my business. I couldn't make decisions and was totally helpless not knowing what to do. After talking to financial advisors, attorneys and accountants, all of which was very time consuming and extremely costly, I learned that I had a lot more to learn.

If you have a death in the family and all of a sudden you realize you are in charge, gather the following information before consulting the professionals. It will save you time away from your business and relieve some of the stress. Not to mention make it easier for your consultants and saving you money. Here is a list of the things you may need to do to settle the estate and who can help you with answers:


Send for Copies of Death Certificate

Gather Information on Estate Assets: Executor, Trustee, Family Members, Financial Advisors

Meetings With Estate Planning Attorney, Accountant, Financial Advisors

Valuation of Assets - Date of Death or Alternate Date Six Months Later: Executor, Trustee, Family Members, Financial Advisors

Get Appraisals for Real Property and Business Interests: Executor, Trustee, Family Members

Preparation and Filing of United States Estate Tax Return Form 706: Attorney

Preparation of Estate Settlement Allocation Schedule: Attorney

Preparation and Filing of Estate Income Tax Return: Attorney and Accountant

Meetings With Family To Determine Appropriate Reallocation of Estate Assets

Consider - Assets and Amounts to be Placed Into A/B, A/B/C or Other Trusts, Needs And Abilities Of Surviving Spouse, Family Gifting Programs: Executor, Trustee, Family Members, Financial Advisors

Set Up Listing of Buys/Sells for Schedule D of the Applicable Income Tax Returns: Executor, Trustee, Family Members, Financial Advisors

Transfer and Change of Title/Ownership Registration of Estate Assets into Newly Created Trusts, Existing Trusts, Business, Joint or Personal Accounts: Executor, Trustee, Family Members, Financial Advisors

Preparation and Filing of Applicable Joint and/or Individual Income Tax Returns: Accountant

One of the hardest parts of estate settling I found was the filing of the Estate Tax Return. The following is much of the information you will need. Your accountant and attorney will ask for it so you may as well have it ready.



Real Estate:

Description, Property Appraisal, Valuation Include Personal Residence Here If Applicable

Stocks and Bonds:

Description, CUSIP Number, Number of Shares, Price Per Share, Bond Par Value, Number of Bonds, Price Per Bond, Total Value

Mortgages and Notes:

Face Value and Unpaid Balance, Date of Mortgage or Note, Date of Maturity, Name of Maker, Property Mortgaged, Interest Dates and Rate of Interest


Name and Address of Financial Institution, Account Balance, Account Number, Nature of Account - Checking, Savings, C.D.'s

Insurance on Life: Name of Insurance Company, Policy Number, Number of Decedents: Form 712 Life Insurance Statement from Company, Include - Insurance on Decedent's life receivable by or for benefit of estate and receivable by beneficiaries other than the estate

Jointly Owned Property:

Information as indicated above - Interests Held By Decedent and Spouse as the Only Joint Tenant, All Other Joint Tenants

Other Misc. Property:

In this section list items not included in any other;

section above such as -

Debts Due the Decedent

Interests in Business

Interests in Partnership or Unincorporated Business

Insurance on Life of Another

Section 2044 (QTIP from Prior Transfer) Property

Claims, Judgements

Rights, Royalties, Leaseholds

Reversionary or Remainder Interests

Shares in Trust Funds

Household Goods and Personal Effects

Automobiles, Boats, R.V.'s

Annuities, IRA's

Name of Financial Institution,

Trustee or Custodian


Description Account Number, Account Value, Beneficiary Information; Transfers During,

If Applicable, All Necessary Information Decedents Life:

Powers of Appointment:

If Applicable, All Necessary Information

In addition to all of the above information for the federal estate tax return, you will need information including descriptions, asset values and expense amounts for the following allowable estate deductions:

Funeral Expenses
Expenses Incurred in Administering Property Subject to Claims
Debts of the Decedent
Mortgages and Liens
Net Losses During the Administration
Expenses Incurred in Administering Property Not Subject To Claims
Bequests to Surviving Spouse
Charitable, Public and Similar Gifts and Bequests

I hope you never have to use this information. But if you do, this will save you thousands of dollars in consulting fees, weeks of lost revenues from your business and a lot the stress, hardship and anxiety I went through.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs

limousine chicago service
In The News:

Online Monument ? An Ever-lasting Tribute to Your Departed Loved Ones

Memories are never to be buried along with the loss... Read More

The Truth About Emotional Intelligence

There is so much emphasis on emotional intelligence these days... Read More

The Creative Side of Healing

One of the areas where I seem to be placing... Read More

Pet Loss: Significant and Profound Loss or Much Ado about Nothing?

For those who have deeply loved and lost their animal... Read More

Suicide Survivor

Suicide is a nightmare for survivors of loved ones. Death... Read More

If Ever It Is Me

With my father, his brother and their father having had... Read More

Silent Tears - from a Norwegian Hospital

Silent tears hit hospital-white sheets. The young Pakistani mother holds... Read More

Then and Now

Over one hundred years ago, during the Victorian era, death... Read More

Why Does God Allow Suffering?

Justin was a typical ten year old boy. He liked... Read More

Beyond A Mothers Nightmare To Radical Forgiveness

It was a moment I will never forget.On February 22,... Read More

How to Deal With A Death in the Family and Still Run Your Small Business

As a small business owner we have to deal with... Read More

Present Moment Awareness: Lessons From My Dog

I've always waited for the perfect moment to be happy:... Read More

In the Blink of an Eye

Today's Quote: "My house is burned down, but I can... Read More

How Long Does It Take to Mend a Broken Heart?

Julian Austin, Canadian country singer, released a song called Should... Read More

When Sorrow Is Too Great to Be Borne Alone, Support Groups Reach Out

Not long after Arlyn died, my husband and I decided... Read More

Dying? Not Me! Why You Should Plan for Transition

Remember the Eulogy projects we had to write back in... Read More

Mexico: Death in Mexico

Death: No thank you. Dying: Gives me a panic attack.... Read More

How To Heal Your Heart

We all experience severe heart break at some time in... Read More

On Empathy

The Encyclopaedia Britannica (1999 edition) defines empathy as:"The ability to... Read More

How to Turn Grief into Joy

I was with my daddy when he died. Excuse me,... Read More

Angel of Comfort... The Story

I am an Angel artist and several weeks ago while... Read More

How My Four Your Old Son Reacted To The Death Of His Great Nanny Biscuits

My nan was called Margaret and lived until the age... Read More

Moving Beyond Grief and Loss

In my work as a coach and therapist, I have... Read More

Lessons We Learned From Terri Schiavo

Let's talk about Terry Schiavo, since her death illustrated for... Read More

When The Spirit Leaves The Body

Do you spend most of your time inside or outside... Read More

top led manufacturers dimmable led light bulb Pete's produce ..