New Beginnings Finances: Guiding Light into New Beginnings

@newbeginningfinances

Grief Counseling

Therapy

Financial Foundation

- Gina Smith

"I've discovered that a combination of self-care and support is key when facing difficult times and unplanned losses. Allowing myself to grieve without judgment, journaling to process the chaos, and staying connected with loved ones while maintaining some routine helps me navigate the storm, ensuring I don’t lose myself in the process."

What resources have helped you in your grief?

EMOTIONAL SUPPORT RESOUCRES

NEW BEGINNINGS FINANCES

How have you managed finances after losing a loved one?

Guiding Light into New Beginnings

- Bianca DeRosa

"Prioritizing immediate expenses and then exploring options within my budget to see what I can work with as well as seeking support from my family and friends if needed.I think it's important to take one step at a time and accept professional help.”

British Seniors

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Why is this important?

Support Resources

Estate Planning

Government Benefits

Insurance/Filing Claims

Funeral Costs

Our Mission

- Social Security Administration - State Motor Vehicles Office - IRS - Department of State - State Social Services Office - Local Election Office - Department of Veterans Affairs - Defense Finance and Accounting Service - Office of Personnel Management

Agencies to Notify

Notify:

• US Embassy or Consulate of Country

Important document:

• Consular Report of Death Abroad (CRODA)

Death Abroad

Providing families with reliable information about the financial implications of losing a loved one, empowering them to navigate this challenging time with clarity, support, and understandment.

Financial Costs/Info

Scams to look out for

- Official Declaration of Death - Obtain Death Certificate - Financial Document - Financial Institutions - Final Tax Return - File the will in Probate Court

Essential Documents

• "Ghosting" - obtaining info for identity theft
• "Bereavement/Imposter" - posing as government official/debt collector to obtain money

Federal Trade Commission

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*Click image for FTC pricing checklist and additional info

Average Cost:

• Funeral service: $7,000–$12,000
• Burial plot: $1,000–$4,000, (depending on location)

Cremation services:

• Average cost: $2,000–$4,000

Additional Expenses:

• Obituaries: $200–$500
• Flower arrangements: $200–$1,000
• Death certificates: $10–$20 each (varies by state)

Average Funeral Costs

How to manage:

1. Pre-Plan if possible
2. Set a Budget
3. Compare Options
4. Prioritize Needs

• This office helps with reporting the death of a federal retiree or employee. this helps process the annuity of any survivors.

• Reporting a military retiree's death can help with stopping monthly pension benefits and send forms for the Survivor Benefit Plan

• If the person's was a veteran, you can contact them about burial, death, survivor benefits, and veteran life insurance

• Contact the IRS to file the person's final income tax return

State Motor Vehicle

• Contact them to cancel someone's ID and to transfer a car title to someone else

• While you can contact Social Security on your own, it is typical for funeral directors/homes to contact them for you.
• You can also contact them to discuss Social Security survivors' benefits.

Office of Personnel Management

Defense of Finance and Accounting Service

Department of Veterans Affairs

US Passport - Department of State

IRS

Social Security Administration

State Social Services Offices

• You can contact your state social service office to receive a death certificate.

Local Election Office

• The office helps cancel someone's voter registration

Government Agencies to Contact

• You need to cancel the person's passport, this prevents identity theft

Attorney Fee

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* *click the image to know if a will or a trust is better for you

Why you should have a will or trust?

Will:

• Ensures assets are distributed according to the deceased’s wishes

Trust:

• Helps avoid probate and provides greater control over when and how assets are distributed.

Probate Costs:

• Court fees: $100–$1,000 (varies by state)
• Legal fees: 2–5% of the estate value

Taxes:

• Federal estate taxes apply to estates worth more than $12.92 million (as of 2023)
• State-level estate/inheritance taxes may apply in certain states

Power of Attorney (POA):

• Financial POA: Manages financial matters if the person becomes incapacitated.
• Health Care POA: Makes medical decisions on behalf of the person.

Advance Directives:

• Includes living wills and health care proxies to express wishes regarding medical treatment.

Important Estate Planning Info

Medicaid and Assistance Programs:

• May cover some funeral costs for low-income families.

Employer-Paid Life Insurance:

• Review the deceased’s employer benefits for any coverage.

Other Possible Benefits

Available Assistance

• Burial allowances for eligible veterans.
• Free burial in a national cemetery and a government-provided headstone.

Veteran Benefits

Eligibility:

• A one-time payment of $255 to the surviving spouse or minor children.
• Ongoing survivor benefits if the deceased worked long enough to qualify.

How to Apply:

• Contact the Social Security Administration (SSA) directly (call or visit the SSA office).

Social Security Death Benefits

• National Mental Health Resources for Bereavement (866) 903-3787

• SAMHSA’s National Helpline, 1-800-662-HELP (4357)

Hotlines

• Local bar associations often offer assistance with probate and estate issues.

Local Community Centers:

• Offer free or low-cost financial counseling

Nonprofit Organizations:

• National Foundation for Credit Counseling (NFCC)

Legal Adviser

Financial Advisors

• Beware of phone calls
• Don’t give out personal information
• Check Legitimacy
• Seek Legal Advice if needed
• Contact Equifax, Experian, or TransUnion for “deceased alert”

What To Do

• The US does not pay for any expenses related to the storage or shipment of personal effects of a deceased private US citizen
• If no will is present and the value of the personal estate is small then an affidavit of surviving spouse or next of kin is needed: https://eforms.state.gov/Forms/ds5511.pdf

Things to Know

For More Information or Questions:

• Office of American Citizens Services in Washington at (888) 407-4747.
• https://www.usembassy.gov/

Filing a Claim

Steps to File a Claim:

1. Contact your insurance company with policy information.
2. Provide the death certificate and any necessary forms.
3. Allow for processing time: typically 30–60 days.

Term Life Insurance:

• Pays a death benefit if the insured dies within the policy term

Whole Life Insurance

• Provide lifelong coverage and accumulates cash value over time

Universal Life Insurance:

• Flexible premiums with cash value that can be used later

Types of Insurance Policies