AFTER A LOVED ONE’S PASSING ESSENTIAL FINANCIAL AND ESTATE TASKS
Losing a loved one is an emotional experience, but addressing key financial and legal matters to manage their estate effectively is essential. Staying organized and focused during this challenging time will help you handle your loved one’s affairs smoothly and according to their wishes. Secure property and assets.
titles. These are crucial for initiating the probate process, if applicable, and managing the estate. Contact an attorney and executor. In addition to helping gather documents, an estate attorney will guide you through probate if needed and ensure legal obligations are filled, debts are settled, and assets are distributed according to the will. The executor will work closely with the estate attorney to complete these tasks and fulfill your loved one’s wishes. Notify financial institutions. Quickly contacting banks, credit card companies, and insurance providers to notify them of the passing will freeze accounts and prevent unauthorized transactions. It will also ensure benefits such as life insurance payouts are correctly processed. Additionally, inform the Social Security Administration and pension offices to stop payments and, if applicable, begin survivor benefits. Settle debts and file taxes. Identify any outstanding debts, such as loans, credit card balances, or utility bills, and arrange to pay them from the estate’s funds. You need to file the deceased’s final federal and state income tax return, and estate taxes may apply depending on state law. Consult a tax professional or an attorney for help if needed to ensure accuracy and peace of mind during this complex process.
Immediately following your loved one's death, secure their residence and other property to prevent unauthorized access. If you are concerned about who has keys, such as cleaning companies and home care providers, consider changing the locks. This is also a good time to inventory valuable assets, including jewelry, heirlooms, and important paperwork. Creating an inventory helps identify items before you remove them — and prevents disputes among heirs. Gather financial and legal documents. Ideally, you should know where your loved one’s important documents are, but this isn’t always true. They’ll often be in a home safe, in a bank safe deposit box, or with an attorney. Essential documents to gather include their will, life insurance policies, financial records, and property
THE SURPRISING SAGA OF SWEET SUCCESS Chocolate Chronicles
If you’re looking for insight into the histories of some of our nation’s most iconic brands, look no further than the HISTORY Channel’s website or its exceptional “That Built” series of TV documentaries. To taste what you’ll find there, check out these fascinating tales of two of America’s most beloved candy bars. Hershey Bringing Hope to Heroes If you love milk chocolate bars, you have Milton Hershey to thank. In the late 1800s, he decided it was time to offer America a smoother taste than the often bitter bite of dark European chocolates. He knew his audience well, as Hershey’s creation soon became known as the “Great American Chocolate Bar” and the first product of its kind to be mass-produced in the U.S. It may have even played a significant role in saving the planet from tyranny, as the U.S. military partnered with the company to provide millions of bars to soldiers during World War II. A Baseball Great’s Chocolate Bar Blunder
In 1920, Otto Schnering, an unsuccessful candymaker in Chicago, rebranded his faltering Kandy Kake product as the Baby Ruth candy bar. As sports fans know, Babe Ruth was a superstar in those days. Naturally, it could be argued that the connection between him and the candy bar in most consumers’ minds helped Baby Ruth achieve $12 million in annual sales by its sixth year on the market. Looking to enter the lucrative confectionary trade himself, Ruth filed a registration for “Ruth’s Home Run Candy” — but Schnering’s company promptly sued for copyright infringement. The company argued that
Baby Ruth was actually named in honor of former President Grover Cleveland’s daughter, Ruth. Despite this claim being an absolute head-scratcher — Ruth Cleveland had been dead for nearly 20 years by that point and was by no means as popular at the time as, say, Babe Ruth — it
If seeing Baby Ruth bars in the candy aisle makes you think of late baseball legend Babe Ruth, you wouldn't be alone — which is precisely why the treat was at the heart of one the oddest trademark disputes in history.
was enough to convince the court to squash the baseball giant’s dreams of becoming the diamond’s answer to Willy Wonka.
2 ∙ www.Roberts.cpa
Published by Newsletter Pro • www.NewsletterPro.com
Made with FlippingBook Ebook Creator