Plan For Your Death…So Your Loved Ones Don’t Have To
April 26, 2022
Death is topic that no one wants to think about. However, the loss of a spouse can be devastating from both an emotional and financial perspective, especially if the deceased spouse was primarily responsible for managing the couple’s finances. The good news is that doing some planning now will ease the burden your grieving loved […]
Protect Yourself Financially After the Loss of a Spouse
January 18, 2022
Losing a spouse comes with deep emotional grief and an overwhelming amount of complex financial and legal decisions. Many widows are in a state of shock where memory is uncertain, attention span is short, and decision-making seems nearly impossible. Here are three tips on how to protect yourself financially after loss: 1. Don’t rush into […]
Reducing Year-End Taxes on Your Investments
November 24, 2021
Nobody wants additional taxes for the holidays, so throughout the year, we look for ways to minimize them. With year-end approaching, it’s a good time to review a few strategies that can potentially reduce your tax bill. Tax-Loss Harvesting The goal of tax loss harvesting is to stay in the market while capturing the current […]
Important Considerations for a Widow Thinking About Life Insurance
July 27, 2021
Proceeds from a life insurance policy can provide comfort to a loved one’s survivors from both a financial and emotional standpoint. The funds received from life insurance can help alleviate stress for a family as they mourn their loss. As much as the sudden influx of a large sum of money can be a source […]
2 Important Considerations When Inheriting a Retirement Account
April 27, 2021
When a spouse passes away, the list of things the survivor must do may seem endless. In the weeks following their death, there are decisions to be made, paperwork to be completed, and lots to track down. Suppose a surviving spouse is the primary beneficiary of a retirement account (such as a Traditional IRA, Roth […]
5 Estate Planning Musts After a Spouse Dies
February 16, 2021
When a spouse passes away, the remaining spouse is often left to grieve the loss of their partner and to wade through a seemingly unending list of things to do. If you’ve lost a close family member, you’ve probably experienced needing to make final arrangements, settling final bills, going through financial records, etc. While it […]
The Widow’s Tax Penalty and How to Plan for it
December 15, 2020
If you are a couple filing your taxes jointly, one of you will likely file as an individual one day. Some statistics say as much as 80% of wives will outlive their husbands. The widow’s “tax penalty” or “tax trap,” as some call it, refers to the situation many surviving spouses face with having to […]
Post Election 2020 – Where Do Taxes Go From Here?
On November 17th, we hosted a virtual conversation with BDF’s income and estate tax planning experts during which we shared our insights on what the results of the election mean for estate and income tax changes in the future as well as what you need to consider before year-end given the potentially changing landscape. We […]
4 Financial Improvements to Make During Quarantine
May 19, 2020
As we all adjust to the realities of the COVID-19 pandemic, we find ourselves with a lot more time at home due to the Stay at Home order. Our commute times are now a simple walk down the stairs, many of the social gatherings that filled up our weekends are cancelled, and that means more […]
Helpful Advice When Attending a Funeral or Service
February 11, 2020
Death is an uncomfortable topic that most people do not like to discuss. When someone dies, those that are closest to that person deal with unimaginable grief. They may find it difficult to make it through the day, get out of bed or do routine things. When someone experiences this type of pain, it’s a […]
4 Things a Surviving Spouse Should Know About Social Security
December 10, 2019
The Social Security administration gives benefits to surviving spouses based on the deceased’s retirement benefit. If the survivor is already taking retirement benefits, they can take the higher of either their own or their deceased spouse’s benefit. Rules on these benefits are based on the age of the survivor and if the deceased had begun […]
Medicare 2019 – Key Enrollment Dates and Important Changes
November 5, 2019
The leaves are changing colors and a cool breeze is in the air, which means many retirees are securing their winter travel plans. However, before jumping on the plane to escape the cold winter months that lie ahead, it is also time for Medicare participants to decide if changes should be made to their health […]