Category: Death

You are going to retire when?

Just how wealthy are you? You'll want to figure that out before you make any major life decisions. Your first impulse may be to go out and buy things, but that may not be in your best interest. Even if you're used to handling your own finances, now's the...
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Funeral Planning

Planning a Family? Get to Know Your Health Insurance Policy Congratulations! You’ve decided to start a family. Up until now, your health insurance has probably been adequate, paying for routine doctor visits and prescription drugs. But now that you’re facing a lifestyle change, you must make sure that your...
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Getting Help from a Financial Professional

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events,...
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Dealing with Periods of Crisis

What is it? By definition, a crisis is a turning point, a time when you have to make crucial decisions (often suddenly) that will affect your future. Although smart planning is the key to effectively dealing with periods of crisis, you may find yourself suddenly dealing with an unexpected...
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Social Security Survivor Benefits

When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family may be entitled to receive survivor benefits based on your work record When you die, certain...
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Organizing Your Finances After Your Spouse Has Died 2

Losing a spouse is a stressful transition. And the added pressure of having to settle the estate and organize finances can be overwhelming. Fortunately, there are steps you can take to make dealing with these matters less difficult. Notify others When your spouse dies, your first step should be...
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Filing a Final Income Tax Return

Who should file the return? Estate representative If a court has appointed a personal representative or other estate administrator, that individual is required to file returns for the decedent. If the decedent was married at the time of death, the representative and surviving spouse, if they both agree, may...
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Settling an Estate

  Definition of estate When people die, they usually leave behind money and other things of value (assets). In addition, they may have auto loans, mortgages, and other outstanding debts (liabilities). Together, the assets and liabilities left by a decedent are known as the estate. Settling an estate means...
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Claiming Survivor’s and Death Benefits

What is it? After the death of your spouse, you may be eligible to receive survivor’s benefits and death benefits from government sources, from your spouse’s employer, and from retirement plans. Social Security benefits Social Security survivor’s benefits If your spouse (or former spouse) was self-employed or employed in...
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Inheriting an IRA or Employer-Sponsored Retirement Plan

What is it? When the account owner of a traditional individual retirement account (IRA) or employer-sponsored retirement plan dies, the remaining funds in the account pass to the named beneficiary (or beneficiaries). Unlike many other inherited assets, these IRA or plan funds typically pass directly to the beneficiary without...
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Claiming Life Insurance Benefits

What is it? Life insurance benefits are not automatic. If you are the beneficiary of a life insurance policy (usually your spouse’s or other family member’s policy), you must file a claim to receive any money. This can be as simple as contacting your insurance agent and filling out...
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Organizing Your Finances After Your Spouse Has Died

What is it? Even if you’ve always handled your family’s finances, you may be overwhelmed by the number of financial matters you have to settle in the weeks or months following your spouse’s death. While you can put off some of these tasks, others require immediate attention. If you’re...
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Paying for a Funeral

What is it? When someone dies, you don’t want to worry about how you’re going to pay for the funeral. However, when it comes time to plan a service or choose a casket, you won’t be able to escape the inevitable: Funerals cost a lot of money. How much...
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Planning a Funeral

A funeral is an event that allows the family and friends of someone who has died to both celebrate that person’s life and mourn that person’s death. Funerals are often planned by taking into account religious and social traditions. According to Western tradition, funerals usually include a visitation of...
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Death of a Family Member Checklist

Death of a Family Member Checklist Losing a loved one can be a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual’s estate, and...
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When I die, what will happen to my retirement plan benefits?

In general, your retirement plan benefits pass to the beneficiaries you designate on the plan beneficiary designation form. It is generally recommended that you designate beneficiaries, the percentage of the total that each will receive, and any backup beneficiaries on the plan beneficiary form. However, if you are married...
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Death Taxes

My spouse passed away this year. When I file my taxes, what filing status should I claim? Answer: As the surviving spouse, you have several filing choices that may be appropriate. You may be able to choose married filing jointly, married filing separately, qualifying widow(er), or head of household....
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Funeral Check List

  Death of a Family Member Checklist Losing a loved one can be a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual’s estate,...
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Life Insurance

Life Insurance: Do You Need It? FIND OUT HOW MUCH TERM WOULD COST HERE: https://www.naaip.org/gfsfinancial/compare-life# At some point in your life, you’ll probably be faced with the question of whether you need life insurance. Life insurance is a way to protect your loved ones financially after you die and...
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