by Bill Griffith Bill Griffith No Comments

Financial Planning After a Family Member Dies

Financial planning is important all through life but even more so after a family member dies. Having someone you trust can help you through the process and relieve stress.

After the Funeral

Dealing with the death of a loved one is stressful enough but not knowing what to do with Social Security, insurance policies, wills or trusts, ongoing bills and living expenses, and transfers of accounts and funds from financial institutions to beneficiaries poses an additional burden on a family.

Did you know there is over twenty-one things to consider doing in just the first month after the funeral?

Most people know about contacting the Social Security Administration and ordering certified copies of the death certificate. But few people know what to do after they receive the certified copies.

In addition to taking care of everything for your loved one, you might also want to seek advice from a Certified Financial Planner® practitioner and consider creating or updating your own financial plan.

This is especially important if you are the spouse or other beneficiary.

Avoid Mistakes

Making a mistake when inheriting assets could trigger a huge tax bill and cause you to lose out on an opportunity for many years of tax deferred growth.

Mistakes can happen even before a loved one dies when trying to retitle real estate and other property to avoid the probate process. If done incorrectly, you could potentially miss out on significant tax benefits.

Benefits of Financial Planning

Financial planning is a 7 step collaborative process of outlining how your income, savings, investments, and other assets can work to help meet your goals.

The cost of hiring a Certified Financial Planner® practitioner may be less than you think. For example, our One-Month Starter Package is $500. This is a good way for you to get started working with a Certified Financial Planner® practitioner. We’ll talk over the phone or meet in person one or more times over the course of one month to answer your questions, discuss your situation, and propose recommendations.

For example, you may have questions like those listed below:

  • How do I transfer and title assets that I just inherited?
  • Do I have enough assets to last in retirement?
  • I’m interested in moving. Can I make this happen?
  • How can I take advantage of Roth conversions?
  • How can I save for my child’s education?
  • How should I pay down my debt?
  • Do I have enough insurance if I were to pass away?

After we’ve decided upon a course of action, we’re available to help you implement your decisions and answer follow-up questions. After the first month, you can decide if you want to continue with an ongoing financial planning relationship.

For those desiring a continuing relationship where we can help implement your plan and monitor your progress over time, our ongoing financial planning fee is $400.00 per month.

                                             Get started today.