Comments | gwendally: How to close your loved one's estate? Part 1: their physical stuff

gwendally

How to close your loved one's estate? Part 1: their physical stuff

Apr 19, 2021 18:32

I've been given a writing prompt: teach someone on how to close an estate. Make it generic, though, I'll never meet the person. This is frustratingly hard, trying to go from 1 to 1 to 1 to many. But here's an attempt ( Read more... )

gydsu

Comments 3

Part 2: Inheriting financial assets gwendally April 19 2021, 22:41:33 UTC

There's a bunch of stuff going on right now about "10 year rule" where Ed Slott just published an article that, improbably, appears to be wrong. My guess is that we have 10 years to get an IRA out before it must be distributed, and can take intermediate distributions. I recommend doing that, trying to stay in your lowest eventual tax bracket, trying to stay below the IRMAA threshold. I can teach people exactly how to figure this. It's math-intense so I need to make it into a pretty chart or something. I can do that. Or have my graphic designer draw one, maybe ( ... )

anonymous April 20 2021, 01:47:43 UTC

gwendally April 20 2021, 13:52:34 UTC

I'll keep Katie's reply screened since this was a public post, but thanks, Katie, and sorry!

gwendally April 20 2021, 13:51:43 UTC

Someone on twitter said to hire a cleanout service.
Another person (on FB) said to do some together time with siblings first.
Another person said to not be too quick to give away things because then they're gone. Elsewhere someone said that people start being interested in genealogy and moments from their ancestors around the age of 35.

Someone else mentioned a pain point of retitling land in another state.

Someone said to "get rid of the easy stuff", whatever that is. I asked, and they said, "immediately and generously donate the medical stuff (walkers, incontinence supplies.)