New Beginnings Finances: Guiding Light into New Beginnings

EMOTIONAL SUPPORT RESOUCRES

How have you managed finances after losing a loved one?

"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."

@newbeginningfinances

Guiding Light into New Beginnings

Financial Foundation

Therapy

- Gina Smith

What resources have helped you in your grief?

Grief Counseling

"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.”

NEW BEGINNINGS FINANCES

- Bianca DeRosa

Scams to look out for

Essential Documents

Our Mission

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

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.

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

Financial Costs/Info

Why is this important?

Agencies to Notify

- 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

Government Benefits

Insurance/Filing Claims

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British Seniors

Death Abroad

Funeral Costs

Notify:

• US Embassy or Consulate of Country

Important document:

• Consular Report of Death Abroad (CRODA)

Estate Planning

Support Resources

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Federal Trade Commission

Average Funeral Costs

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)

*Click image for FTC pricing checklist and additional info

How to manage:

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

Government Agencies to Contact

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

Social Security Administration

• 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.

Department of Veterans Affairs

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

State Motor Vehicle

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

Defense of Finance and Accounting Service

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

IRS

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

Office of Personnel Management

US Passport - Department of State

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

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

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Attorney Fee

Important Estate Planning Info

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.

* *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.

Social Security Death 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).

Veteran Benefits

Available Assistance

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

Other Possible Benefits

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.

Financial Advisors

Local Community Centers:

• Offer free or low-cost financial counseling

Nonprofit Organizations:

• National Foundation for Credit Counseling (NFCC)

Legal Adviser

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

Hotlines

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

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

Things to Know

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

• 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”

For More Information or Questions:

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

Types of Insurance Policies

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

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.