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 […]
What happens to your belongings when you die?
October 15, 2019
As Financial Advisors, we put a lot of thought and effort into making sure that we have the proper beneficiary designations and titling on accounts for clients so that they are passed on appropriately someday in the future. Much of our focus is on investment accounts, bank accounts, houses, etc. – but what happens to […]
Honoring the Memory of a Loved One
July 30, 2019
When we lose someone that we love, we miss out on all the future memories that we never get to create together. In many ways, this is difficult and unfair. However, this doesn’t mean that the memories need to stop. Here are some ways to preserve the memories of loved ones we have lost: Tell […]
Long Term Care: Traditional or Hybrid Policies?
June 4, 2019
Long Term Care Environment Shifting Towards Hybrid Plans When reviewing our client’s insurance coverages, a question we’re often asked is whether to purchase long-term care coverage. To answer that question there are a lot of factors to consider from your family health history to your experience dealing with a loved one going through that difficult […]
Your Beneficiary Designations – Are They Correct?
May 28, 2019
Beneficiary designations are an extremely important component of an estate plan. They are found on many types of assets such as IRAs, 401Ks, life insurance and annuities and designate who receives the asset after the account owner passes away. The primary advantage of a beneficiary designation is that asset ownership transfers without the complexities and […]