Planners must consider the potential tax-effects of a spouse passing away during retirement, leaving the surviving spouse with unintended consequences that can dramatically affect their lifestyle. Without proper planning, the realities of the filer status change that happens within two years of the first spouse passing will surely set in, and it can wreak havoc.
In our eBook, Exploring Income Tax Changes for Surviving Spouses, we examine the income tax effects for a spouse moving from a Joint-filer to a Single-filer status and discuss why life insurance is a viable alternative option for income tax protection.
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