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Managing Financial Security After Losing a Loved One

Did you know that millennials collectively only own about 5% of the country’s overall wealth? Baby boomers, on the other hand, own about 52%! With that in mind, it’s crucial to understand how to pass along your generational wealth to ensure your loved ones can access your wealth after you pass.

The loss of a loved one is difficult enough to cope with on its own, let alone dealing with the financial repercussions and loss of financial support. Learn more about how new IRS changes might help support your financial security after the passing of a loved one below. We also discuss in more detail why you should create an estate plan now to protect your family in the future.

New Simplified Way of Requesting Late Portability Election Relief

Before we get started on talking about how to create an estate plan, it’s important to go over recent IRS changes that could impact individuals who are already struggling with the loss of a loved one. A new revenue procedure (Rev. Proc. 2022-32), which went into effect in early July, can help loved ones, who may be struggling, apply the deceased spousal unused exclusion for up to five years after the death.

A deceased spousal unused exclusion is also often called the portability option.

Why the IRS Made Changes

Before these recent changes, the expiration date to utilize this DSUE was only nine months. A few years ago, however, Rev. Proc. 2017-34 attempted to extend this date to up to two years. Despite this extension, the IRS says that it continued to receive “numerous” requests from estates that missed the deadline and were still attempting to leverage the DSUE.

Due to the significant number of requests, the IRS had no choice but to utilize a significant number of resources to issue denial letters, which placed a serious burden on the agency. The IRS did say that the majority of these requests came before the 5th anniversary of the decedent’s date of death.

With that in mind, this recent extension should help those in need while also providing significant relief to the IRS.

Protecting Your Family With An Estate Plan

Attempting to deal with financial issues after the death of a loved one can be messy and complicated. The good news is that there is something you can do that will be protecting your family after you are gone. How?

You can get in touch with an estate planning attorney today. A quality estate attorney will help you prepare legal documents that will ensure the smooth transfer of your estate to your loved ones. You can also create documents to address any future tax issues and concerns.

Establishing Financial Security for the Future

Are you ready to establish financial security for your family that’s sure to last even if you pass away? Protect your wealth by starting a complete and secure estate plan. Contact our offices today by filling out the form below and a member of our team will contact you as soon as possible to help you get started.


Contact the Estate Planning Attorneys at the Law Firm of Christopher W. Dumm

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