How to Prepare Financially for the Death of a Spouse

You and your spouse did everything right, financially. Except you didn’t consider the consequences when one of you dies first. There are things you can do to help prepare financially for the death of a spouse while you’re both alive. You’ve done everything to prepare for a financially secure retirement as a couple except one…

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Here’s what happens with Social Security payments when someone dies

social security payments after loved one dies

In most cases, funeral homes notify the government that a person has passed away. If the person was receiving Social Security benefits, a payment is not due for the month of their death. Survivor benefits may be available, depending on several factors. When a loved one receiving Social Security benefits passes away, you may wonder…

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Opinion: How to make sure your spouse gets your retirement savings when you die

spousal retirement

Make no mistake: There are differences between IRA and 401(k) beneficiaries If you designate beneficiaries for your retirement accounts, that’s usually a surefire way to pass those assets directly to your desired heirs without going through probate—but not always. Because those beneficiary designations are so important, you should verify your choices every year in case there’s a…

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Does your estate plan use the right type of Power of Attorney for you?

health care

There are two types of these advance directives, with very different purposes ISTOCK When do you need your estate plan to “go to work” for you? While you may think the right answer is “after I die,” the actual answer is “if I lose the ability to manage my own affairs.” That means having the…

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Pre-Election Estate Planning Moves for High-Net-Worth Families

dandelion

Why wait? A variety of trusts — from SLATs to BDITs, GRATs and more — can help you be proactive in protecting your wealth. Election Day may seem far off at the moment, but as we stride into the summer, it’s prudent to reflect on the intimate relationship between presidential politics, policy changes and your…

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Most Estate Plans Fail, Don’t Let Yours Be One Of Them

legacy

Many estate planners will admit that a lot of the plans don’t achieve the owners’ goals. Most of these failures were avoidable. The failures most often result from the nontechnical aspects of the plan, what some refer to as the human side, or soft side, of an estate plan. There’s not a lot of data…

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Top 10 Estate Planning Tips in a Time of Coronavirus

estate planning

The COVID-19 pandemic has many people finally taking action to fill out advance health care directives, wills and powers of attorney. Here are some tips to help you along the way. It has arrived: the unexpected, potentially life-threatening circumstance you had in mind when you set up your estate plan, and now you’re feeling really…

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Estate Planning Is More Important Than You Think

estate planning

Estate planning ensures financial security for your loved ones if something should happen to you by protecting your hard-earned assets – such as your home, investments, retirement accounts and life insurance. Getty Images An estate plan is a necessary tool that allows you to protect, maintain and manage your property if you become ill or…

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