Dealing With the Death of a Spouse
The death of a spouse is a painful, often overwhelming event. Emotionally speaking, a divorce may carry nearly the same emotional stress and many of the same kinds of difficult decisions - recurring monthly expenses, budgeting, insurance, retirement investing, taxes, savings and other investments.
The consequences of both situations are often a sharp drop in a woman's standard of living.
Here are a few things to remember.
- Ignore all advice from friends on how to immediately invest available cash such as insurance money or a divorce settlement.
- Don't sell assets too quickly. Selling to get cash without some thought may lead to an ill-timed sale.
- Never give up your control of your money to anybody.
A good place to start is the Certified Financial Planning Board of Standard's website at www.cfp.net to learn the basics of financial planning.
Getting control of your finances at a difficult time is important.
Thanks for reading. Would you like to learn more about preparing for the unexpected? Then click here to see our complete story index on this subject.
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
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