Tag Archives: widow

Widows and widowers who missed the deadline to claim a deceased spouse’s unused estate and lifetime gift tax exemptions as their own have up to five years to make this portability election and shield more of their wealth from future tax liabilities. Understanding Portability U.S. tax laws provide individuals with a federal lifetime gift and […]

According to the Social Security Administration, Social Security retirement benefits replace, on average, 40 percent of an individual’s pre-retirement income. As a general rule, the longer you wait to begin claiming these benefits, the larger the monthly benefit you will ultimately receive. While this principle seems simple enough, the types of benefits and claiming strategies […]