Almost nothing has to be decided right away.
A surviving spouse inherits the finances at the worst possible moment to think about them. We help with what genuinely cannot wait, what can, and the tax changes that follow a loss, quietly and in order.
- What actually has to be done now, and what can wait a year?
- Why will my taxes go up when my income went down?
- What happens to the cost basis on what we owned together?
- How do I choose an adviser I can trust, when I am not ready to decide anything?
What needs to be done after a spouse dies, and in what order?
Far less than the paperwork suggests, and almost none of it in the first weeks. A short list of time-sensitive items, then a long list that can wait. We keep the two lists separate.
What is the widow's penalty?
The year after a loss, a survivor files as a single taxpayer on much of the same income: narrower brackets, half the standard deduction, lower Medicare thresholds. The same money is taxed harder.
What happens to the step-up in basis?
Assets owned at death generally reset their cost basis to the value that day, in full or in half depending on how they were titled. It changes which assets to sell first and which to keep, and it is often missed.
Reduced survivor benefit now, or your own benefit later?
A survivor can claim one benefit early and switch to the other later. The right sequence depends on both benefit amounts and on age, and the difference over a lifetime can be large.
Start with a conversation.
Forty-five minutes, by video, phone, or in Northbrook. Nothing to prepare, and no charge.