Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.

We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.

For this week’s Kingdom Minute, Wade will discuss the story of King Midas, which reminds us that the love of money can cause problems.

Here’s some of what we discuss in this episode:

• Common financial issues faced by widows and widowers include an income gap and changes in tax filing status
• Some strategies that Wade uses with clients to help bridge the income gap and prepare for unexpected events
• After the loss of a spouse, it's important to review and update your estate plan, communicate with heirs, and ensure that your beneficiary designations are accurate
• Trusts can be a useful tool in estate planning, but their appropriateness depends on individual circumstances and should be discussed with a qualified professional

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.