Financial Planning After the Loss of a Spouse
Ross says survivors should secure finances, confirm benefit notifications and handle tax and estate paperwork within the first year.
- Kirk Ross, a regional fiduciary executive at Fifth Third Private Bank in Toledo, Ohio, advises surviving spouses to prioritize self-care while their advisory team manages immediate financial details following a loss.
- Spouses need to "move deliberately toward resolving a few high-priority issues" within four to six months, with advisors helping identify which matters require immediate attention versus those that can wait.
- Professionals can help organize financial information, including reviewing Social Security benefits and filing estate tax returns, while The IRS allows joint filing for the year of a spouse's death, providing tax advantages.
- "At this stage, it is about understanding that you are the decision-maker," Ross advises, noting that while some assets remain fixed, many aspects of a financial plan can be adjusted over time.
- Decisions regarding legacy or spending do not need to be made right away; as life evolves over the next year, you should consider whether your financial goals still align with your current needs.
10 Articles
10 Articles
Financial planning after the loss of a spouse - The Mexico Ledger
Financial planning after the loss of a spouseIn the wake of losing a spouse, it is natural to feel overwhelmed and unsure of where to begin. Along with navigating grief, family responsibilities, and daily life, many surviving spouses are also faced with important financial and estate planning decisions. In the months that follow, understanding which financial matters and estate planning steps after a spouse’s death require immediate attention—an…
Financial planning after the loss of a spouse - Seward Independent
Financial planning after the loss of a spouseIn the wake of losing a spouse, it is natural to feel overwhelmed and unsure of where to begin. Along with navigating grief, family responsibilities, and daily life, many surviving spouses are also faced with important financial and estate planning decisions. In the months that follow, understanding which financial matters and estate planning steps after a spouse’s death require immediate attention—an…
Financial planning after the loss of a spouse - Hillsboro Sentry Enterprise
Financial planning after the loss of a spouseIn the wake of losing a spouse, it is natural to feel overwhelmed and unsure of where to begin. Along with navigating grief, family responsibilities, and daily life, many surviving spouses are also faced with important financial and estate planning decisions. In the months that follow, understanding which financial matters and estate planning steps after a spouse’s death require immediate attention—an…
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