Planning for the unexpected can be awkward and scary, but it’s extremely important to prepare ahead of time, so that you can make the most of the here and now. This can be a very emotional topic, but we at The Wealth Cafe believe that it's a beneficial one to cover, regardless of gender, age, and creed.
The Widow Tax isn't a line item; it's a concept that's recently become more prevalent. When one party passes away, the other is left bearing the burden of increased taxation. Depending on whether you have kids or grandkids, this tax burden could be hefty to take on, which makes it even more important to bring it up with your financial team to ensure you and your loved ones aren’t left in a state of flux.
What we’ll cover:
✅ What the Widow Tax is.
✅ How it can impact your financial status.
✅ Ways to prepare and mitigate.
✅ Bridging this conversation with your spouse and financial advisor.
We at The Wealth Cafe strongly encourage you to prepare while your spouse is still alive, ensuring that all necessary documents are up to date and that all items are accounted for. It may be awkward and uncomfortable to bring up now, but it'll pay off in the long run.
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