We understand that losing a spouse is likely the most devastating emotional obstacle that one can experience. Financial matters are likely the last thing on your mind. However, when you lose a spouse it’s important to have a plan in place to ensure your finances are in order. Here we discuss five key steps to consider, including gathering a team of trusted advocates to help you navigate the road ahead.
Losing a spouse or partner is a dramatic and emotional experience that can have a serious impact on the financial health of the surviving spouse. Financial planning and investment management needs vary dramatically depending on what stage of life the surviving spouse is in. Over the years, we have worked with many clients who have unfortunately lost spouses at all stages of life. Death is not universal, nor are the financial steps to take in its wake.
At some point in your life, there is a chance that you will inherit money or assets left from a grandparent, parent, or other family member. When someone that you love passes away, it is an emotional experience and going through the process of inheriting the assets they chose to leave you can add to the rollercoaster of emotions. Before you start making plans, make sure you know how the inheritance can affect your existing financial situation, including your taxes and other financial planning areas. A good place to start is to understand some common sources of inheritance, which we will discuss in this article.
The shock of losing a spouse is perhaps the toughest emotional adjustment for anyone in their lives. The financial decisions that follow the loss of your partner can also be immense and immediate. It is easy to become paralyzed and overwhelmed with what needs to be done, and when.
Jennifer Murray was quoted in The New York Times on some financial pitfalls to avoid for those who have recently lost a spouse.
If you are not a current client but would like to receive pertinent information about how we help people like you, please sign up now. We will send you helpful content and webinar invitations. Thanks for your interest!
