Category: Death

Wills and trusts are common documents used in estate planning. While each can help in the distribution of assets at death, there are important differences between the two....

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...

Download this form: FromTheHeart Journal_  ...

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,...

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...

Answer: The U.S. Department of Veterans Affairs (http://www.va.gov), formerly known as the Veterans Administration, sets the rules and guidelines for military burials. In general, you can choose a national cemetery as your final resting place if you were honorably discharged or retired from the Army in the usual manner....

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. Married filing jointly: You can usually file a joint return for the year your spouse died. Generally,...

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...

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...

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...

  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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

  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,...