Death of a Loved One
No one wants to think about losing someone close. When that time comes, it's unquestionably difficult and requires time to cope and recover. However, it's also important to consider an issue that's both practical and important: How do you move forward after such a trying time?
If you've lost a spouse or parent, and your family's income has been affected, it may be time to reestablish goals. It's possible that a life insurance policy set up in the past will provide you with the standard of living to which you’ve become accustomed. A policy payout often comes in a single lump sum and should be handled carefully.
If there is no significant death benefit, you may find it more important than ever to obtain insurance that protects your remaining family members.
In either event, it's fundamental to grieve so that rational decisions can be made later. Don't rush the process, but don't put it off completely. Federal estate taxes, if any, are generally due nine months following a death, and income tax returns are always due as normal.
If you need help balancing the personal side of loss with the practical side of your family's financial necessities, don't hesitate to Contact Us.
Learn more about how to Consult a Financial Professional.
Print this page