Page 7 - The Shores of Jupiter - June '24

The Shores, Page 7
Financial Focus ®

Financial Tips For Widows communicated well about your finances, and you shared deceased spouse. You can’t claim your deceased spouse’s
benefits along with your own retirement benefits, so if
decisions, you hopefully won’t encounter any big surprises.
And Widowers But if your spouse was the partner who mostly handled you qualify for survivor and retirement benefits, you’ll
financial matters, you may need to get up to speed quickly receive the larger amount. Depending on your situation,
By Sally Sima Stahl on what you have and what you owe. And if your spouse had you might come out ahead by delaying your retirement
Losing a spouse is provided a large amount of your household income, you will benefits, giving them the chance to grow, while you accept
one of the most painful also need to determine what changes you may need to make survivor benefits. For more details on receiving Social
experiences anyone can have. to your lifestyle. Security benefits, visit the Social Security Administration’s
Unfortunately, widows and Address Insurance Issues website at www.ssa.gov.
widowers have to deal with If you will receive a death benefit from your spouse’s Review Your Estate Plans
more than just the emotional insurance policy, what will you do with the money? It may The death of a spouse can certainly affect your family’s
trauma – they also must prove helpful in funding your own retirement or meeting estate plans. So, it’s a good idea to review these plans
consider a range of financial other financial goals. But you’ll also want to be clear about to see what changes, if any, need to be made. When
issues. If you’ve recently what other beneficiaries, such as your children, might receive. conducting this review, you’ll benefit from working with
been widowed, what financial And while you’re looking at insurance, you also might an estate-planning professional.
moves should you consider? want to look at your own policies – do you need to change Finally, keep in mind that you don’t have to go it alone
For starters, don’t rush into any major decisions. If you’re still beneficiaries? during this difficult time. If you’re already working with a
in the grieving process, you are unlikely to be in the best shape Review Your Social Security Options financial professional, they can help. If you aren’t currently
to make significant choices affecting your finances and your life. If you are at least 60 and you were married at least nine working with one, now might be the time to start. By looking
But once you feel ready to look at your situation objectively months, you may be entitled to Social Security survivor at your finances and your family situation holistically, a
and make appropriate choices, consider the following steps. benefits. (If you remarry before age 60, you typically financial professional can provide guidance that can help
Review Your Finances cannot receive survivor benefits, but you can reinstate ease the stress you are naturally feeling.
Look at your entire financial picture – your assets, them if this subsequent marriage ends.) The amount of your Few events are as sad as losing a spouse. But when you
investments, debts and income. If you and your spouse had survivor’s benefits depends on your age and the age of your feel ready, start taking the steps necessary to continue forward
on your life’s journey.
This article was written by Edward Jones for use by
er
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12
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Investors Special in Jupiter
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Your Shores Specialist Call for any Real Estate Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
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questions or needs
It’s The Law!

Did You Know That, In

Florida…

By Adam S. Gumson,
Esq.
A condominium
association and a
cooperative (co-op) are
both forms of common-
interest communities,
but they differ in their
ownership structures and
the rights of residents.
Put simply, condominium
owners have individual
ownership of their units and a shared interest in common
areas, while co-op residents own shares in a corporation
that collectively owns the entire property. The structure
and dynamics of each community type can influence the
level of control residents have over their living spaces and
the decision-making processes within the community.
An operating agreement in Florida is a legal
document that outlines the internal structure, organization,
and operational procedures of a limited liability company
(LLC). The operating agreement helps establish the rights,
responsibilities and relationships among the members
(owners) and managers of the company. While Florida law
does not require LLCs to have an operating agreement, it
is highly recommended so as to specify each member’s
rights and duties.
Estate planning refers to the set of documents that
designates people to act both during and after your
lifetime and often consists of some combination of a
living revocable trust, last will and testament, health
care surrogate, durable power of attorney and living
will. It might also include one or more deeds to real
property.
Licensed and Insured Jupiter Law Center is a private neighborhood law
firm located in the RiverPlace Professional Center,
1003 W. Indiantown Road, Suite 210, Jupiter, Fla.,
(561) 744-4600, jupiterlawcenter.com. The firm
provides peace of mind by solving problems with
integrity and compassion in the areas of estate and
business planning, probate, guardianship and trust
administration, probate and guardianship for personal
injury firms, family law and real estate.