Immediately

• Determine decedent’s wishes.
• Contact the funeral home and determine cost. (Veterans can be buried in a national cemetery free.)
• Create an obituary.
• Track donations, flowers and cards received.

After The Funeral

• Notify the decedent’s attorney of the death to review the steps necessary to administer the decedent’s estate (the probate process). Bring as much information as possible about finances taxes and debts.
• Copies of death certificate can be obtained from funeral director
• Obtain a copy of the decedent’s birth certificate
• Note the decedent’s creditors and close any credit card accounts.
• The estate not the surviving family members are responsible for any debts of the decedent. Paying off the debts only increases the net value of the estate, which means higher inheritance taxes.
• Determine if there is a will and if so who has been appointed executor.
• The executor needs to determine the contents of the decedent’s safe deposit box
• If the decedent was receiving social security benefits
• If the decedent was receiving Social Security benefits, the social security office must be notified. In certain circumstances monthly benefits may begin.

DOWN THE ROAD
The probate can be lengthy, sometime stretching two to three years. In some cases probate may be avoided completely, such as when an estate consists of trust assets. Work with your investment and legal professionals to deals with all the issues involved

Conveniently located in Central New York state, Ann Wolfson Associates is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Ann Wolfson Associates, please call (315)449-4730.

The information presented is general in nature and should not be considered legal or tax advice. You should consult your legal or tax advisor for information concerning your own specific tax situation.

If there is any consolation to be taken from the past eighteen months, it is that most people pay more attention to their financial picture – not just their stock and bond investments, but savings and spending habits as well. However, most people do not have time to focus on their savings.

Let us take an objective look at how to improve your finances – you will be surprised at the results. Through simple measures you can make sure your finances are back on track.

Our second opinion will be practical – through inventory of your assets and liabilities, i.e. using some savings in a cash account that yields zero to repay certain types of debt. We will revisit your retirement goals, explaining the impact of inflation on your nest egg. We will help you save, save, save. We will help you to be smart about your different insurance plans.

People should look at finances the way companies do. You need to protect the value of your work. We wouldn’t let panic dictate investment choices. Last year’s losses had many people changing their asset allocation and diversification strategies. Regardless of what the market is doing, sticking to a strategy that matches your investment principles is important especially when it comes to risk.

Make sure you can find someone you can trust. Get a second opinion and keep asking questions. We are here to help. Your success is our success.

Conveniently located in Central New York state, Ann Wolfson Associates is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Ann Wolfson Associates, please call (315)449-4730.

The longer you wait to begin receiving your social security, the greater your monthly payments will be. For example, if a person is eligible to receive $1000 at full retirement age, and they begin accepting payments at age 62, they will receive $750 per month. In contrast, if they wait until age 70, they will earn extra credit and their payments will be $1320 per month – that’s a pretty big increase. **

The timing of social security requires an analysis of many factors and differs from person to person and couple to couple. For example, a person in poor health may elect to receive payments as soon as possible. However, lifespans are on the rise and taxpayers with other assets may consider delaying the receipt of social security to maximize their payments into old age.

**Figures and calculations provided in this article are illustrations and examples and are not intended to be relied upon for any purpose. For detailed information about your actual social security benefits, which vary from person to person, you can contact the Social Security Administration. The following link to further information from the Social Security Administration website may also be useful to you: http://www.ssa.gov/pubs/10035.html

Conveniently located in Central New York state, Ann Wolfson Associates is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Ann Wolfson Associates, please call (315)449-4730.

There are timing issues. For example, you may need to make certain decisions in a timely manner if you are planning on reinvesting the assets. And if you are planning on reinvesting the assets, you should consider the short term and the long term along with your lifestyle and other assets.

There are tax issues. You may be able to minimize or eliminate taxes depending on the circumstances.

There are valuation issues. You may need to ascertain the value of the assets as of a certain date in time for tax purposes.

There are “roll over” issues. If you receive an IRA or 401(k) plan, you have choices to make, including receiving the assets as cash, or rolling the assets over into another qualified retirement plan.

Consulting with your financial professional is the first step towards making wise, informed decisions when receiving a lump sum distribution.

Conveniently located in Central New York state, Ann Wolfson Associates is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Ann Wolfson Associates, please call (315)449-4730.