Darcy Bergen | Weebly
  • Blog
  • About

Steps in Determining the Value of a Decedent’s Estate

6/21/2022

0 Comments

 
Picture
A Certified Retirement Financial Advisor, Darcy Bergen serves as a managing partner and president of Bergen Financial Group, an Arizona practice known for creating financial strategies for seniors and retirees. Leveraging his knowledge and expertise, Darcy Bergen offers financial advice to clients, especially in retirement planning, risk management, social security planning, wealth transfer strategies, wills and trusts, and estate planning.

Estate planning is making prior arrangements, through the assistance of an attorney knowledgeable in estate law, to determine how a person’s assets or “estate” will be preserved, managed, and distributed in the event of that person’s death. Estate planning also includes the settlement of estate tax, which happens before bequests are made to the heirs. The basis of the estate tax is the value of the decedent’s estate. Here’s how the estate is valued.

First, the estate's value is computed as of a specific date. The date can either be one of two options: the date of the decedent’s death or the alternate valuation date, which is six months after the decedent’s death. If the latter is chosen, all assets sold or distributed within the six months after the decedent’s death are valued as of the date the assets were sold or distributed.

Second, a list containing all assets that the decedent owned, including those they have an interest in, is prepared. This list may include cash, bank accounts, real properties, vehicles, furniture, jewelry, investments, insurance, and anything else that has value.

Third, actual valuation is made. If the decedent owned an asset in its entirety, the entire value of that asset is included in the estate. If the decedent owned an asset jointly with their spouse, only 50 percent of the value of that asset is added to the estate.

Fourth, all claims against the estate are deducted, including all regular bills that have accrued, outstanding mortgages, tax obligations, and charitable gifts.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    November 2019
    October 2019
    August 2019
    June 2019
    May 2019
    April 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    May 2018
    March 2018
    February 2018
    November 2016
    September 2016
    November 2015
    October 2015
    March 2013
    January 2013
    January 2012

    Categories

    All
    Benefits
    Clear Solutions For Seniors
    Community Outreach
    Darcy Bergen
    Finance
    Million Dollar Round Table (MDRT)

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • Blog
  • About