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Losing a spouse is like losing half of who you are. This tragic event comes with not only adjusting to a life without your loved one but also navigating the unfamiliar territory of finances. This can be especially true for women who have been accustomed to leaving financial matters to their husbands. There are many considerations to keep in mind when navigating this new territory.

Some of the biggest changes to the tax code are permanent, including lower income tax rates, higher standard deduction amounts and higher estate and gifting exemptions. New accounts for newborns, modeled after traditional IRAs, allow parents to save money specifically for future expenses for their children.

Losing a spouse is an incredibly difficult experience that requires making important financial and legal decisions during a time of grief. This guide to estate planning for widows and widowers helps you navigate the process of managing assets, updating your estate plan, and protecting your family’s future.

Losing a spouse is one of the most difficult things a person can go through. In addition to the difficult emotions surrounding the loss, widows and widowers may be tasked with several legal and financial responsibilities during this time of grief. After immediate needs are addressed, the surviving spouse may need to create a new plan to safeguard their assets and communicate their wishes.

Beyond the emotional impact that divorce can have on couples of any age that decide to split, it can have a potentially devastating effect on the retirement plans of those who divorce later in life. Divorce after 50 usually results in a loss of income for both parties, which can mean working longer to fund a single retirement.