Social Security is the main source of income for many in retirement, and can provide a level of financial protection for you and your family. But what happens if you are receiving a Social Security check and your spouse dies? How does your spouse’s death affect your benefits, and what ...
If you find yourself referring to this article now or you decide to keep it in a drawer or on your computer for some unforeseen time in the future, please know that I am here to help you and assist you as you seek answers to your questions and a measure of financial equilibrium. ...
When a spouse dies, their assets typically transfer to their surviving spouse, as long as their surviving spouse was named as the beneficiary of the account. That's why if you have an IRA, a 401(k), or other accounts, it's crucial for you to set up your beneficiary designations—whet...
Social Securitywill pay a one-time death benefit of $255 to your spouse as of 2023 if they have been living in the same house as you.10If there is no spouse, your child or children can receive the benefit. They must apply for this payment within two years of your death. Other rules...
An arrangement that is also reserved for married couples, tenancy by entirety differs in that all owners must consent before any changes can be made to the account. This arrangement is most common for couples who own the title to property. When one spouse dies, the surviving spouse wil...
it would have been a lot easier to get rid of, even though you still had payments to make. Instead, you're faced with walking away in the middle of the lease, and that's difficult to do. If you have to get out from under the liability by breaking your automobile lease, consider th...
Spouse life: This add-on puts a small amount of coverage on your spouse. It costs less than starting an individual policy, but the coverage is much less. Accidental death: Sometimes called double indemnity, this add-on doubles your death benefit if you die in an accident. Family income: ...
Conversely, your spouse can also buy a Joint life annuity covering the two of you with her IRA or 401k money. You cannot, however, combine your IRA and her IRA monies and buy one larger joint life annuity. The IRS requires that the original IRA or 401k account owner continue as the ...
You want life insurance to cover large debts like a mortgage that you don’t want to saddle your spouse with after your death. You want to replace your income if you die during your working years when people depend on you financially. You want to protect your interest in a business. Term...
However, when the surviving spouse dies, the remaining trust assets will be subject toestate taxes. To avoid this situation from playing out, a marital trust is sometimes used in conjunction with acredit shelter trust—also called a "B" trust. ...