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Don’t Make These Mistakes When Your Spouse Passes Away

February 21, 2019

From the U.S. News & World Report website

The stress can be enormous when a spouse passes away. It’s generally a bad time to make financial decisions. You will want to avoid making major changes during that time, if you can. Let your emotions settle down a bit before making moves that could drastically affect your taxes and finances.

“Any decision they make, they should make sure they speak to a professional, a financial planner or a certified public accountant,” says Joe Edmondson, a financial professional with AXA Advisors in New York. Edmondson says people sometimes come to him for advice only after they realize they made a mistake that will cost them unnecessary taxes and possibly IRS penalties.

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