David Bowie’s death was certainly sent shockwaves throughout the music industry. When people of Bowie’s stature pass away, their financial status often becomes a discussion topic depending on what they leave behind. In Bowie’s case, his family, heirs and close friends will be financially secure. In fact, his estate plan can be a lesson to those who are in the midst of creating their own legacy plans, even if they do not have $100 million in assets and properties to distribute.
If you discover that you have been named an executor to a loved one’s estate, or if you already know that you will be responsible administering his or her estate, the probate process may be completely unfamiliar to you. This is understandable, and you may have fears that the process may be fraught with emotional legal battles that can divide families.
If you are up in age and are dealing with crushing debt, you may wonder what happens to your debt after you pass away. After all, it is a legitimate concern for elderly Nevada residents, as they certainly don’t want to be a burden on their families, and they may not be equipped to deal with creditors at their age.
When it comes to dealing with the IRS, two things are certain: the power to collect taxes appears to be absolute absent some notable exceptions, and changes are always on the horizon. Indeed, there are a number of changes in store for taxpayers in 2016, but this post will focus on the upcoming change dealing with estate closing letters.