Welcome back to the Dollar Wise Podcast. 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: jgabrieli@HFMadvisors.com | LinkedIn

Connect with Brian Masessa: LinkedIn

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