What Happens Financially After the Loss of a Spouse?

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The Story:

Times like these may make you think more soberly and realistically about if something tragic were to occur. How do you prepare financially for the inevitable of one spouse passing away? We’ll take you through the important considerations on this episode.

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The Show:

On today’s episode of the podcast we discuss reduction of income, estate planning, tax brackets, and transitioning the financial plan following the death of a spouse. Have you checked in with your advisor lately about these things should the unthinkable happen?

If there was an emergency, would you be prepared? Do you have your legal documents in line and know where they are? Are you aware of the survivorship benefit with a pension? Is your beneficiary list updated? Sometimes these documents can be outdated, so be sure the right people and instructions are listed to fulfill your wishes.

Are you aware of the changes that will happen to your taxes after one spouse passes away? It can change significantly when you go from married filing jointly to single. So, what changes should you make now to better situate your financial assets? Have you considered a Roth conversion?

In the Cash Connection, we answer a question about buying bonds. Is now a good time to buy bonds? Does it carry less risk during what has been a volatile time? What kind of risks do bonds carry? Don shares about the different kind of bonds and the risks and returns associated with them.

[0:27] – Don shares about his holiday.

[3:01] – What happens after the loss of a spouse financially?

[5:16] What does it look like when only one spouse takes care of the financial plan?

[6:58] – What can people do ahead of time to prepare?

[9:08] – What tax changes will happen after a spouse dies?

[11:37] – Mailbag: Is this a good time to buy bonds?

[16:10] – Do you know your risk tolerance as well as your goals?


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Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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