Monday, March 6, 2017

Posthumous Publishing, Part 20, Royalty

The Pros and Cons of Publishing Posthumously

Part 20: Royalties, Social Security and the IRS

In most cases, royalties are paid to the survivors of your estate (see parts 22, 21, 9, 7, 6, 1 and 4). Trust funds are handy legal entities that survive even the worst economic downturns. Bear in mind however, Social Security benefits and other retirement plans cease once you join the ranks of the posthumous, (though voting rights may continue in some states). You may also be liable for any unpaid taxes. (See IRS form NDTP-4403-A)* If your bank account has not been seized by the government, direct deposit is still your best option, otherwise, accrued interest and unpaid fines may haunt you for eternity. If you prefer that royalties are paid in ectoplasm, no further action is required. 
*(Newly-Deceased Taxpayer)

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