In Oregon, three possible issues may happen once a person dies:
- If there is a survivor spouse, then that spouse owns all of the assets of the deceased spouse unless the deceased spouse assets had beneficiary designations declared on the asset.
- If thee is not a survivor spouse, then the assets of the deceased spouse need to be valued and if that total value is more than $1,000,000, then an Oregon Form 706 needs to be filed with taxes paid on the total assets valued at more than $1,000,000. That form is due within nine months of the date of death.
- If there is income that may be taxable, then a Form 1041 will need to be filed from the date of death to either December 31st of the year of death, or as far out as eleven months from the date of death ending at the last date of that month.
This gets complicated, so call the office at 503.723.4223 and speak with Dave Bilby, Sr.