Financially Ever After Widowhood

Stacy Francis
  • 4.8 (39)
  • KIDS & FAMILY
  • UPDATED SEMIMONTHLY
Financially Ever After Widowhood

Widowhood is the state of being a widow or widower: a person whose spouse has passed away. This is a situation that no one wants to be in, but it is something that can happen, and that you and your family should be prepared for financially. When this kind of painful, life altering event occurs, it's important to have the structure in place for you and your family to be protected, and this year on Financially Ever After Widowhood, Stacy Francis is going to be talking to a diverse lineup of experts, and individuals who have gone through it themselves, to give you the tools and information you need to be prepared. Prior to this year's series on Widowhood, Financially Ever After covered topics related to divorce. We invite you to check out these fantastic episodes if they are relevant to you.

  1. OCT 1

    Maximizing Your Inheritance: Smart Tax Strategies with Deborah A Schaub

    Are you maximizing your tax strategies to avoid costly pitfalls? In this episode of Financially Ever After Widowhood, financial expert, Deborah Schaub, shares with Stacy Francis crucial insights into effective tax planning. With a background working for Fortune 500 companies like Price Waterhouse and IBM, Deborah founded CNB Accounting in 2016 to provide personalized financial advice. She emphasizes that many accountants focus on form-filling rather than strategic planning, a gap she addresses through comprehensive tax planning. Deborah’s philosophy is simple yet profound: truly understanding your finances is key to avoiding unnecessary losses. Planning for today, next year, and the future can help reduce tax burdens and prepare for financial changes. A 3.8% tax affects high earners (above $200,000 for singles) at federal, state, and potentially city levels; strategic portfolio management can help minimize this tax. Surviving spouses may face higher taxes due to changes in their filing status; careful planning can mitigate the impact. Coordinated planning with financial advisors and CPAs can significantly reduce tax liabilities and manage higher marginal tax rates, especially important for surviving spouses. Net investment income tax is often underreported, but it can result in significant costs if not managed properly. As income increases, especially for surviving spouses, higher marginal tax rates can exacerbate financial burdens. Charitable deductions and bunching strategies are effective ways to reduce taxable income. Many accountants focus on form preparation rather than strategic planning; proactive tax planning can offer substantial savings. Staying within legal tax boundaries is crucial, but smart planning can still significantly reduce tax liabilities. Women facing divorce or the loss of a spouse often need to change accountants to find someone who listens to their unique financial needs. Understanding taxes and personal finances is key to making informed decisions and avoiding unnecessary financial losses. Resources: Deborah Schaub on LinkedIn Phone: +201-787-6542 Email: cfo@deborahschaub.com  CNB Accounting Website  Stacy Francis on LinkedIn | X(Twitter) Email: stacy@francisfinancial.com FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

    41 min

  2. SEP 17

    Solo Aging: Navigating Life and Healthcare Without a Safety Net with Dr. Gerda Maissel

    Solo agers, people without traditional family supports, are an increasingly common demographic. Dr. Gerda Maissel, a private patient advocate, joins Stacy Francis on Financially Ever After Widowhood to discuss the challenges solo agers face, especially in navigating the healthcare system. Dr. Maissel’s expertise as a physician has led her to help individuals maximize medical relationships and make informed decisions. She emphasizes the importance of preparing for solo aging ensuring access to financial, medical, legal, and mental health resources to maintain quality of life as one ages without family support. There is a growing demographic of solo agers—those aging without traditional family support. Dr. Gerda Maissel helps solo agers navigate complex healthcare systems, translating medical jargon and advocating for better outcomes. It is important to prepare for solo aging, including asking the right questions and making informed decisions. Solo agers face such as depression, poor nutrition, and substance abuse. Solo agers need to create reciprocal relationships and secure medical, financial, and legal resources. Financial planning is instrumental for solo agers. They face financial challenges, particularly single women, and need to plan for healthcare costs. Dr. Maissel explains the role of a patient advocate in helping individuals navigate their medical needs and coordinate care. Resources: My MD Advisor Website | Email | Facebook Dr. Gerda Maissel on LinkedIn | The Foglight Stacy Francis on LinkedIn | X(Twitter) Email: stacy@francisfinancial.com FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

    35 min

  3. AUG 20

    Summer Hiatus

    The team at Financially Ever After is taking a brief summer pause to line up an amazing new series of guests for you in the fall. So relax, enjoy the end of the summer, and if you have some time, catch up on any episodes you've missed! You'll find the entire archive at FrancisFinancial.com/Podcast. We'll be back on September 17th.

    1 min

  4. AUG 6

    Navigating Estate Planning with International Assets with Paula Jones

    Paula Jones, a trust and estate attorney, discusses the complexities of estate planning and taxation for U.S. citizens with international assets or family members abroad. She highlights the U.S. system of taxing worldwide income and assets, in contrast to other countries' residency-based taxation. Paula also talks about other subjects she specializes in - gifting to foreign beneficiaries, managing dual jurisdiction tax laws, and considerations for U.S. citizens living or retiring abroad. The importance of coordinated legal counsel across different countries to navigate these issues efficiently is emphasized. Tune it to the new episode of Financially Ever After Widowhood podcast, where host Stacy Francis and guest Paula Jones, unravel the subtleties of tax systems worldwide. The U.S. taxation system requires citizens to report and pay taxes on their worldwide income and assets, regardless of their residency status. Estate planning becomes more complex for individuals with international assets or foreign family members due to varying laws and regulations across countries. When gifting assets to non-U.S. citizens, it's crucial to understand the tax implications and regulations that affect such transfers. Navigating dual jurisdiction tax laws is essential for U.S. citizens with international ties, as they must comply with tax regulations in multiple countries. U.S. citizens living abroad need to be aware of key financial and legal considerations, including tax obligations and estate planning while residing or retiring outside the U.S. Trusts and estate planning tools can be used to effectively manage and protect assets across borders, providing solutions for international asset management. Coordinating legal counsel across different countries is vital for handling complex estate and tax issues effectively. International tax treaties play a significant role in reducing double taxation and simplifying cross-border estate planning. Ensuring compliance with both U.S. and foreign tax regulations is essential to avoid legal complications and financial penalties. Seeking expert advice is crucial for navigating the complexities of international estate planning and taxation successfully. Resources: Paula Jones on LinkedIn Email: Paula@JonesEstateGroup.com Jones Estate Group - Paula is admitted to practice law in the States of New York, New Jersey, and Pennsylvania however, she is happy to entertain working with clients from other states Phone number: +1 484 680 1143 Stacy Francis on LinkedIn | X(Twitter) Email: stacy@francisfinancial.com FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

    36 min

  5. JUL 23

    [Replay] Empowering Families in End-of-Life Decision Making with

    When faced with a terminal illness diagnosis, your emotions can be overwhelming. You still need to navigate the legal aspects, however, to ensure that you and your loved ones are protected. Stacy Francis’ guest this week is Alison Arden Besunder, a partner in charge of the Trust and Estates department at Goetz Fitzpatrick. Alison has extensive experience in guardianship and estate litigation. She joins Stacy to discuss end-of-life planning, including steps to take when the timeline is limited. Stacy and Alison delve into navigating the healthcare system, and the importance of having critical documents in place to convey your medical wishes clearly.  Highlights from this episode: Ensure you have a healthcare proxy and living will in place to appoint someone as your medical decision-maker and provide evidence of your end-of-life intentions. Discuss end-of-life decisions openly with your loved ones, promoting a foundation of good communication to handle high-stress situations effectively. Even with your best efforts, you may feel helpless when dealing with a loved one's illness, but remember that your support and care are invaluable during these challenging times. Avoid burnout as a caregiver by setting boundaries and not taking on more than you can handle. Seek support from therapists to manage the emotional burden effectively. Find the right caregivers for your loved one by tapping into resources like personal needs guardians or geriatric care managers who can connect you with experienced aides. When navigating end-of-life care decisions, ask questions and advocate for your loved one to ensure the best possible care and treatment options. Bioethics committees in hospitals can offer support and assistance in decision-making, especially in challenging end-of-life care situations. They can help translate medical jargon and provide guidance to both physicians and families. Even without a living will, there are other forms like MOLT (Medical Options for Life Sustaining Treatment) or PULST (Physician Orders for Life-Sustaining Treatment) that can be used to make end-of-life decisions in a hospital setting. Navigating end-of-life decisions for pets also requires careful consideration, and sometimes there may be disagreements between family members on the best course of action. For anyone facing end-of-life care decisions or other financial challenges related to medical care, seeking guidance from financial advisors can be crucial to manage expenses and make informed choices. Resources Alison Arden Besunder on LinkedIn | Facebook | Twitter Goetz Fitzpatrick | LinkedIn Phone: 212-695-8100 x289 Stacy Francis on LinkedIn | Twitter Email: stacy@francisfinancial.com FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

    35 min

  6. JUL 11

    Unraveling Social Security for Widowed Parents

    This week on Financially Ever After Widowhood, you’ll enjoy a powerful crossover episode with the Modern Family Matters Podcast. Stacy Francis joins Steve Altishin, Director of Client Partnerships at Pacific Cascade Legal, to dive deep into the intricacies of social security laws and how they impact widowed parents. Stacy and Steve discuss the financial complexities of widowhood, understanding eligibility criteria, and maximizing benefits for yourself and your family. Together, they unravel the nuances of Social Security laws and will empower you to take control of your financial future. Understanding the eligibility criteria for social security benefits as a widowed parent is crucial for financial planning after the loss of a spouse. Maximizing earnings during work years is key to ensuring a stable financial future, especially for women who may face financial challenges after the death of a spouse. The complexities of social security laws can impact widowed parents, making it essential to seek expert advice to navigate the intricacies of survivor benefits. The financial implications of divorce on survivor benefits highlight the importance of seeking legal advice before making decisions that could impact future financial security. Delaying social security benefits can have advantages, but it's essential to understand the implications of different benefit options to maximize financial support after the loss of a spouse. Advocacy for policy changes to improve survivor benefits for widows and widowers is crucial to address the financial challenges faced by those who have lost a spouse. Resources Steve Altishin | LinkedIn | Pacific Cascade Legal Stacy Francis | LinkedIn | X(Twitter) Email: stacy@francisfinancial.com

    31 min

  7. JUN 25

    The Roadmap After Loss with Judy Heft

    Are you prepared for the financial complexities of widowhood? In this episode, Stacy Francis and Judy Heft, a financial and lifestyle concierge, discuss essential steps to take after the loss of a spouse. From assembling a support team to navigating benefits like social security and veterans' benefits, you’ll have a roadmap to help guide you through this challenging transition. They also discuss invaluable topics like managing grief, collecting essential documents, and accessing resources like Savvy Ladies to empower women in their financial journey. Building a strong support team, including professionals like estate planning attorneys, financial advisors, and therapists, is crucial for navigating the complexities of widowhood. Collecting essential documents such as death certificates, social security cards, wills, and financial account details is a critical step in managing the financial aftermath of losing a spouse. Utilizing resources like va.gov and ssa.gov can help widows understand and access benefits they may be entitled to, such as veterans' benefits and social security survivor benefits. Leveraging the help of friends and family to inform various institutions and cancel subscriptions can alleviate the burden of administrative tasks during a time of grief. Recognizing the importance of financial empowerment for women, organizations like Savvy Ladies offer valuable resources and support to help women take control of their financial futures. Embracing the role of a positive role model for children and future generations can inspire resilience and financial independence in the face of adversity. Resources Judy Heft | LinkedIn | Savvy Ladies Stacy Francis | LinkedIn | X(Twitter) Email: stacy@francisfinancial.com

    25 min

  8. JUN 11

    Transforming Grief into Support with Eloise Bune

    What does the word widow mean to you? This is a question today’s guest thinks we should all be asking because it could use a new definition. In this Financially Ever After Widowhood episode, Stacy Francis speaks with Eloise Bune D’Agostino, the founder of DayNew, a company and community to support people through life-changing events. They discuss the challenges and transformations of life after losing a spouse and how Eloise turned her grief into a powerful support network for others. Key Takeaways: The word widow has very dark and heavy connotations, but it should also represent strength, resilience and independence. Eloise shares the story of how, after unexpectedly losing her husband, she connected with another new widow and created a tech company to help others navigate similar situations. Support systems play a huge role in navigating grief. Grief groups can make a profound difference for people. Losing a spouse means a lot of practical changes need to be made, even though taking action cab be incredibly difficult. Organizational aids can make it a little more manageable. Explore how to keep the memory of loved ones alive through personal and family rituals and storytelling. Everyone has their own grief journey, and there is no one single way to navigate it. Get insights into creating a supportive community and accessing professional financial advice. Resources Eloise Bune | LinkedIn | Facebook | Instagram Email: eloise@daynew.com DayNew  Stacy Francis | LinkedIn | X(Twitter) Email: stacy@francisfinancial.com

    25 min
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4.8
out of 5
39 Ratings

About

Widowhood is the state of being a widow or widower: a person whose spouse has passed away. This is a situation that no one wants to be in, but it is something that can happen, and that you and your family should be prepared for financially. When this kind of painful, life altering event occurs, it's important to have the structure in place for you and your family to be protected, and this year on Financially Ever After Widowhood, Stacy Francis is going to be talking to a diverse lineup of experts, and individuals who have gone through it themselves, to give you the tools and information you need to be prepared. Prior to this year's series on Widowhood, Financially Ever After covered topics related to divorce. We invite you to check out these fantastic episodes if they are relevant to you.

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