Category: Aging

Insurance Needs Assessment: For Empty Nesters and Retirees

Insurance Needs Assessment: For Empty Nesters and Retirees

Although retirement should be a priority throughout your lifetime, when children leave the house, financial priorities tend to become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning potential and fast approaching peak savings as you lay the groundwork for retirement. During this final leg toward retirement, and throughout your retirement years, wealth protection is critical.

The preservation of your assets may not be solely a function of your financial planning and investment strategy but may also include a comprehensive insurance approach to protect you against an array of financial risks, most especially health care.

In addition to wealth protection, you may also now be seriously contemplating a number of important estate and legacy objectives.

Filing Final Tax Returns for the Deceased

Filing Final Tax Returns for the Deceased

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes.

Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return (Form 1040).

Similarly, if the deceased individual had a sizable estate or assets that might generate income in the future, the estate may owe taxes. Federal estate tax forms pertaining to the decedent’s estate may need to be filed (Form 1041, Form 706).