MEDIA ALERT: What Are the Tax Implications of Dying Without a Will?

Business Wire

Wolters Kluwer Tax and Accounting Expert Provides Insight on the Need for Estate Planning to Prevent Tax Consequences

Wolters Kluwer Tax and Accounting:

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Estate planning infographic (Graphic: Business Wire)

What: When international superstar Price died in April, he left this world with 40 hits on Billboard’s Top 100 chart, an estimated $300 million estate, and no will. Last week, more documents were filed in Minnesota listing secret children, unknown siblings and additional distant relatives seeking a portion of his estate. If you are a pop star, or just a regular mom or pop, we can all learn from Prince’s oversight.

Why: Tax consequences can be severe when individuals die without a will. With proper estate planning, individuals can take federal and state estate tax into account and determine ways to potentially avoid leaving a financial burden and legal mess following an unexpected death.

Who: Bruno Graziano, JD, MSA, is a senior tax analyst for Wolters Kluwer Tax and Accounting’s Financial and Estate Planning Group (www.CCHGroup.com), specializing in gift and estate taxation, wills, trusts and related tax law. Mr. Graziano can discuss specific estate and will tax laws and planning for each state, including:

The tax benefits of making a will
The potential costs involved with NOT creating a will
How the value of an estate affects the tax burden
The challenges with evaluating the value of an estate
Death taxes and what beneficiaries of a will can expect
The benefits of arranging a testamentary gift

When: Mr. Graziano is available for phone interviews to provide in-depth background and analysis on will, trust and estate planning and tax benefits that may benefit regional audiences.

Contact: Please contact Laura Gingiss (847) 267-2213 or Michelle Hirschfield (847) 267-7535 if you are interested in arranging an interview with Bruno Graziano or if you need more information.