Though it is one of the most emotional tasks I must initiate, I commonly work very closely with clients whose spouse’s have recently passed on. This is certainly a very difficult time for everyone. Yet, I feel it is my professional responsibility to help the survivor understand the potentially serious financial implications which accompany the death of a spouse. In fact, many clients have chosen to work with me because of my experience in this area.

Essentially, it is important to realize that many tax and estate planning benefits exist between a husband and wife. But when one of them is no longer with us, those benefits cease….And only having a simple will probably won’t provide the best results for you. Therefore, new strategies must be examined and employed which will protect your survivors. It is very probable that if you do nothing, your children and other heirs will pay a significant price to inherit your assets some day….what’s worse, if you become ill or need nursing home care, there may be nothing left for them to inherit.

Some of the looming problems involve probate, nursing homes and medicaid, income taxation, retirement plans, and insurance. I have helped many of my clients mitigate these concerns by completing the necessary steps to protect both themselves and their families. And once I have done the same for you, you will be confident that you won’t be leaving a “mess” for the family. I hope you give me a call so I can help.

Toomey Investment Management a boutique wealth advisory firm partnering with mid to high net worth individuals, families and businesses.