Surviving Spouse Needs With CLA USA

Surviving Spouse Needs Planning

The surviving spouse should plan for lifetime needs, determine the level of income necessary and compare that with the level of income that will be provided by the assets available. The principal available to the surviving spouse should be taken into consideration in this calculation in order to determine the necessity of taking advantage of the elections available. This income planning should be coordinated with estate tax planning in order to be certain that sufficient assets and income will be available while at the same time minimizing the assets that will be exposed to estate taxation at the surviving spouse's death. It may be necessary for the surviving spouse to reallocate assets in an attempt to generate sufficient appreciation and income to pay the projected expenses. It may also become necessary to reduce expenses so the available resources will be sufficient.