My mom passed away. My dad receives a Social Security payment of about $1500 per month. My mom was receiving about half that amount. From what I understand, my dad will receive a one time death benefit of a couple hundred dollars, but no ongoing monthly survivors benefit. Is that correct?
Mom passed away - Social Security question
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pb4uski
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First, I'm sorry for your loss. Second, yes... he'll continue to get his $1,500/month and her $750/month benefit will stop.
Now if it had been the other way around, then your mom's $750 benefit would have been increased to $1,500 and your dad's $1,500 would have stopped.
Either way, household benefit would go from $2,250/month to $1,500/month.
Now if it had been the other way around, then your mom's $750 benefit would have been increased to $1,500 and your dad's $1,500 would have stopped.
Either way, household benefit would go from $2,250/month to $1,500/month.
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SecondCor521
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Sorry for your loss.
And yes, your dad should receive a $255 one-time death benefit from SS.
Technically he is entitled to a widowed spouse benefit, but since he has the higher monthly benefit in actual practical terms he won't receive anything additional.
Finally, your mother's last monthly benefit is the last month for which she lived the entire month. If she died in the last few weeks, that would mean that April was her last benefit month. Since benefits are paid one month later, she would likely receive that last benefit payment sometime in May. You should notify SS of her death, although the funeral home probably will do or has done so. If you accidentally receive a benefit for her in June, you should expect SS to claw it back when they do their final reconciliation.
Oh, and your dad will still be able to file married filing jointly this year (for tax year 2018) on his taxes one last time even though your mom passed away during the year, but next year (tax year 2019) he will have to file single and probably pay higher taxes.
And yes, your dad should receive a $255 one-time death benefit from SS.
Technically he is entitled to a widowed spouse benefit, but since he has the higher monthly benefit in actual practical terms he won't receive anything additional.
Finally, your mother's last monthly benefit is the last month for which she lived the entire month. If she died in the last few weeks, that would mean that April was her last benefit month. Since benefits are paid one month later, she would likely receive that last benefit payment sometime in May. You should notify SS of her death, although the funeral home probably will do or has done so. If you accidentally receive a benefit for her in June, you should expect SS to claw it back when they do their final reconciliation.
Oh, and your dad will still be able to file married filing jointly this year (for tax year 2018) on his taxes one last time even though your mom passed away during the year, but next year (tax year 2019) he will have to file single and probably pay higher taxes.
SecondCor521
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Sure. I just went through all this stuff - my Mom passed away about two years ago, and I did a lot of her estate work because my Dad was in grief and my sisters live in other states.
Another thing I'll point out - property, such as houses and stocks and bonds, get a step up in basis to the value as of the date of death. So if your parents owned a house together, you may want to get an appraisal or other valuation assessment. If they owned stocks or bonds, contact the brokerage firm and ask them to step up the basis in their records. Some states (such as mine) are community property and some are not, and that affects what assets get the basis step up. But depending on the unrealized gains from when your parents purchased them to the value on date of death, you could legally avoid potentially a large amount of capital gains taxes later.
Another thing I'll point out - property, such as houses and stocks and bonds, get a step up in basis to the value as of the date of death. So if your parents owned a house together, you may want to get an appraisal or other valuation assessment. If they owned stocks or bonds, contact the brokerage firm and ask them to step up the basis in their records. Some states (such as mine) are community property and some are not, and that affects what assets get the basis step up. But depending on the unrealized gains from when your parents purchased them to the value on date of death, you could legally avoid potentially a large amount of capital gains taxes later.
Newventurer
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Also sorry to hear of your loss Human..
SC521 - would the step up basis only be on one half of the value of any shared assets?
SecondCor521
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I'm not an expert, but I think it would depend on whether the state is community property or not, and possibly how the assets were titled, and maybe other factors.
In my Mom's case, she lived in a community property state and as odd as it sounds, I believe all of their taxable account was stepped up in basis when she died, not just "her" half. But my parents also had some complex estate plans in place, so I don't know if their situation would apply to anyone else.
My suggestion would be to do some quick research on the state you're interested in and maybe ask your CPA and/or estate attorney.
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