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Grief to Relief: Saving on Taxes After Saying Goodbye

In this episode, Jason Gabrieli and guest Brian Masessa, CPA from Premier Accounting Services, delve into the financial complexities that arise when a loved one passes away. They discuss the essential steps executors must take, the intricacies of probate, and the importance of proper documentation. Brian explains the different types of taxes involved, including income and estate taxes, and offers advice on how to manage and mitigate these liabilities. This episode is a must-listen for anyone looking to understand how to handle financial responsibilities after a death.

Tune into this episode to also learn:

  • The critical steps in the probate process and why timely action is crucial.
  • How to manage and minimize estate and inheritance taxes.
  • The role and responsibilities of an executor in estate management.
  • Tips for preparing and organizing financial documents before death.

What we discussed

  • [00:01:19] Introduction to the sensitive topic of financial steps after death.
  • [00:02:38] The role of an accountant in managing estates.
  • [00:06:37] The probate process overview and key documentation needed.
  • [00:10:43] Handling ongoing expenses and income after someone passes away.
  • [00:16:09] Differences between estate and inheritance taxes.
  • [00:24:07] Best practices for preparing and organizing financial documents.

3 Things To Remember

  1. Understanding the probate process helps in managing estate complexities efficiently.
  2. Proper documentation and early involvement of professionals can save significant tax expenses.
  3. Executors must be diligent in their fiduciary responsibilities to ensure fair and legal asset distribution.

Useful Links

Connect with Jason Gabrieli: LinkedIn

Connect with Brian Masessa: LinkedIn

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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

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