Whether swift and unexpected or the result of a lengthy illness, the loss of a loved one is a painful experience that can lead to unexpected changes in your life and your finances. Under the stress of uncertainties combined with your grief, you should not make any substantial, irrevocable decisions until you feel emotionally able. Meanwhile, a number of details cannot be put off, such as funeral plans and settling the estate. I can help make these difficult times easier by looking at your financial situation and developing a plan to help you cover immediate costs. Work with your lawyer to fully understand your responsibilities after your loved one’s passing. If you find that you are the person named to take care of details in the will, you will need to handle important tasks like making certified copies of the death certificate and providing them to financial institutions. If your loved one was retired and receiving a pension, you must notify the pension plan administrator. Final tax returns are best left to experts like tax accountants, who have the specialized knowledge to find opportunities to reduce or defer taxes. If your loss impacts your financial future, such as how the loss of a spouse would, you’ll need help reviewing your living expenses, any assets you’ve inherited and those you already had. If you have young children, for example, you may need daycare or domestic help, so expenses may increase while income drops. I can help you get a clear picture of your financial situation and develop a longer-term plan for your future. And finally, you should make sure your own affairs are in order. Let me help you review or establish your own will, powers of attorney, investments and life insurance policies to ensure your family has peace of mind if you are ever confronted with unforeseen circumstances. youtu.be/p6wQovM7ZeA
Posted on: Wed, 29 Oct 2014 19:00:03 +0000
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