Vincent IP died November 2025
- 2026 tax return up to November 2025
- and decease tax return if anything after November 2025 for income earned after death - like from rental, bank, etc
Insurance and death payment:
- if its a tax dependent - more tax efficient to pay the tax dependent since its tax free
- ifnon-tax dependant - it will be 15% + 2% medicare on the taxable component
- regardless of paid directly or via the estate
The estate is only helpful for tax planning where there are mix beneficiaries like
- spouse is tax dependant
- adult child is non-tax dependant and hence executor allocate more to the spouse