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Prepare Your Spouse to Handle the Finances, Elder Law Attorney, Woodstock, GA


When a spouse passes away, having some difficulties is to be expected. With planning, those difficulties can be limited to emotions and not finances.

Upon losing a spouse one of the biggest problems people often face is understanding and handling family finances. This is a particularly acute issue for many older women who have left management of financial matters primarily up to their husbands.

It can also be a problem for older men, if their wives handled everything. However, women generally live longer than their husbands.

Regardless of which spouse predeceases, a lack of knowledge about the finances can cause increased emotional and financial stress at the most inopportune time, as the New York Times discusses in “Death Is Inevitable. Financial Turmoil Afterward Isn’t.

This is a mostly avoidable problem.

In most cases, the non-involved spouse just needs to be informed beforehand about how the family finances are arranged and managed. The spouse needs to be aware of insurance and retirement plans. They also need to know where to find the documentation for those plans.

Estate planning is particularly important, since it provides an opportunity for both spouses to discuss their finances with an attorney and to make arrangements for what should happen if the spouse who typically manages everything passes away. This also allows the other spouse a chance to reflect on whether he or she even wants to (or feels capable of) handling everything.

The surviving spouse may sometimes be more comfortable having someone else in charge of the finances through a trust or other legal entity.

Reference: New York Times (Jan. 13, 2017) “Death Is Inevitable. Financial Turmoil Afterward Isn’t.

 

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

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Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

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I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

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