When someone is widowed, particularly if they have been married for a number of years, there can be a lot of uncertainty when it comes to your finances. After all, for years, you shared these decisions with your husband. And now you’re on your own. Luckily, Peter DeVito, a partner at Fairport and LUMA Wealth, joined Hollie & Michael today to share some good advice on things you ought to know.
Here are the questions the hosts asked Peter:
Peter – what are the things that women who have been widowed worry about the most when it comes to their finances?
We understand you have your own personal experience dealing with widows?
If you get proceeds from a life insurance policy – is that money going to be taxed?
If your husband passed away, for example during the summer, will you be able to still file a joint return for that year?
If your husband had an IRA and you are the beneficiary – what does that mean for you?
Are there other inherited asset rules to know?
What is a tax free home sale exclusion and how would that benefit someone who has been widowed?
Are you or someone you know a widow? Did you find Peter’s tips today helpful? Find us on social media at ‘Live on Lakeside’ and let us know!
Learn more by attending a free Luma Wealth event for Women
For More Information:
Luma Wealth Advisors
216-431-3000
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