Wherever you are in the cycle of destructive debt, you can take steps now that will make it stop, today. You can work out a debt elimination plan that will help you feel confident and spend smarter. As a widow, to re-build your future...pay off your past. You cannot fix old debt with new debt. Let me repeat that. You cannot pay off debt with debt. So cross off ideas for using any of the following: credit counseling (including not-for-profits), … [Read more...]

Debt is pervasive in our society. Your mortgage, your car loan, and your student loans are things of lasting value. Once that debt is paid, you will still have an asset, something valuable that you will own outright. Destructive debts don’t build toward a brighter future, rather, they are the paper cuts of debt that culminate in considerable pain, such as multiple credit card balances, equity lines, or family IOUs. As a widow, you are more … [Read more...]

Among the myriad of decisions a widow has to make, one that often comes up is what to do about her husband's IRA. If you are younger than 59 ½, here is advice that may help keep you from making a potentially costly mistake. “Did you hear what happened to Monica?” Susan said. Beth leaned in closer to hear Susan over the general buzz of conversation at their favorite coffee house. “No. What?” “She had to pull money out of her IRA,” said … [Read more...]

I am a widow and was just told I am the beneficiary of a QTIP trust. What does this mean? It means, you are probably a widow of a second marriage. This type of trust is designed to accomplish specific planning goals, such as: preserving assets for children from a previous marriage to help protect a widow’s financial future by providing lifetime income Here are the three most common reasons why a Qualified Terminable Interest … [Read more...]

Managing your finances independently can feel overwhelming and even exhausting. However, all financial questions are answerable. Organization provides clarity so that you have an easier time evaluating financial opportunities and challenges. No matter what the outcome, you always have options! As a widow, your financial snapshots provide the essential information for smart financial decisions, and help you better communicate about your finances. … [Read more...]

As a widow of a fallen servicemember, there is a financial planning move that should be considered in the first year after your husband’s death. Families are often the beneficiaries of the Servicemembers Group Life Insurance (SGLI) Policy. Individuals automatically insured under “full-time SGLI”: Active duty member of the Army, Navy, Air Force, Marines, or Coast Guard Commissioned member of the National Oceanic and Atmospheric … [Read more...]

A little two-word mistake can cause enormous heartache within a family. “Per stirpes” is a legal term that affects how inheritance is distributed. I don’t want the complexity to scare you. With just a little information you can feel confident and make your decisions from a place of clarity. Let’s tackle “per stirpes” now, so that you can use it wisely. As a widow, you have greater responsibility to understand beneficiary designations on assets … [Read more...]

Now that I am a widow, do I need to sell my house? It is a scary question and can feel devastating. However, it is answerable. Most widows will undergo decreased income and their previous financial balance is almost always disrupted in some way. The last thing you want is to experience long-term deprivation because you are struggling with your finances, wondering if you can afford that latte, smoothie, or dinner out with friends. Unfortunately, … [Read more...]

It is tax time. One more complicated matter on a widow’s list of to-­do’s. Among the many changes on your taxes this year, the addition of reporting social security (SS) survivor benefits can be bewildering. It is an easy mistake to include your children’s benefit income with your own taxes, as most SS survivor benefits are electronically deposited to your bank account on the child’s behalf. Even the Form SSA­1099 arrives in January addressed to … [Read more...]

It can be quite a shock when a widow discovers assets she thought would automatically be transferring to her are not. This can happen when there are errors in planning (or lack of), beneficiary forms are not updated correctly over time, or sometimes outright omissions by your husband that come as a disappointing surprise. When this happens it’s important to contact an attorney to represent you and know what your legal rights are when it comes to … [Read more...]