Why Accountants are Needed in the Funeral Industry

Even in death, taxes are still an issue, especially for the survivors of the deceased. It is this reason that families employ the services of an accountant to help them in taxes after death.

When a person dies, his or her property are transferred to the family or to any beneficiary the deceased indicated in the last will. The transfer of properties are eligible for taxation and many call this “death taxes.”

Accountants can help the survivors on the necessary paper works in processing the transfer of property and assets.

What are regarded as properties and assets?

Actual balance in the bank

  • Real estate
  • Vehicles
  • Business establishments
  • Investments

Aside from the assets and properties of the deceased, even properties that are jointly owned are still under assessment for taxes. However, there are deductions you can take advantage of it.

There are a lot of intricacies in calculating the taxes for each transfer of asset. It is the main reason that even after the death of a loved one, you still need the services of an accountant to help you manage these taxes.

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