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...]

As a widow, healthy money management is all about small steps. You are capable of handling your financial affairs. You do not have to be an expert. Nothing works as well as a little knowledge and organization. Here are three tasks to get you started: Step 1: Get Informed – Start With The Basics One of the most important things you can do to improve your financial situation is to have a clear picture about where you currently stand. Simple … [Read more...]

The initial twelve months following your husband’s death is what I call the “year of transition”. It is important to realize that your judgment—your ability to make the right decisions—during this emotionally trying time may become impaired. When a relationship is lost, part of the structure that guides one’s actions goes with it. Until this structure is rebuilt, the mourner and her money are very vulnerable. Long term decisions are regularly … [Read more...]

The first few weeks after the loss of your husband are often a blur. Everything now can be categorized “before he died” and “after he died”. Time is passing but at the same time it is staying still. Guess what? The bills still have to be paid. This list is to get you through the task of bill paying and nothing more so you can go back to taking care of yourself. Estate Checking Account Typically, your husband’s estate should have its own … [Read more...]