Pittsburgh, PA - Fragasso Financial Advisors, a Pittsburgh-based wealth management firm known for its personalized client care and long-standing commitment to financial education, has released a new blog post designed to help individuals navigate the complex and often-overlooked tax changes that occur after the loss of a spouse.
Titled “Understanding Tax Changes After the Loss of a Spouse,” the blog addresses a critical, yet frequently misunderstood, aspect of financial planning during a difficult time. The post serves as a follow-up to Fragasso’s earlier article, “Five Tips If You’ve Just Lost Your Spouse,” which provided foundational advice for surviving partners as they begin to manage new financial responsibilities.
The new article highlights how widows and widowers often face unexpected tax implications - such as changes in filing status, income thresholds, deductions, and estate considerations - shortly after the passing of a spouse. Many people are unaware that they may only be eligible to file jointly for a limited time following their partner’s death, after which they must switch to a single or qualifying widower status. These shifts can lead to higher taxes if not properly accounted for in advance.
The post outlines several key areas impacted by spousal loss:
- Filing Status Changes: Surviving spouses may continue to file jointly for the year of their spouse’s death but must update their filing status in the following years. This change can alter income tax brackets and deduction eligibility.
- Income Shifts: Changes to Social Security income, pension plans, and investment withdrawals can increase taxable income.
- Estate and Inheritance Considerations: Beneficiaries may face different tax rules based on how accounts were titled and whether or not an estate plan was in place.
- Required Minimum Distributions (RMDs): Rules around inherited IRAs and other retirement accounts are complex, and mistakes can lead to unnecessary tax penalties.
Both the new and previous blog posts reflect Fragasso’s broader commitment to helping clients through life’s most significant transitions with clarity, compassion, and expertise. While estate planning and wealth management are long-term endeavors, the firm emphasizes that timely guidance from one’s financial advisor and tax professional can make a major difference in avoiding missteps during a period of grief.
Fragasso Financial Advisors encourages individuals in the Pittsburgh region and beyond to read both blog posts and share them with anyone facing a similar life event. The firm’s advisors are also available for one-on-one consultations to review estate plans, tax strategies, and long-term financial goals.
To read the blog posts or to learn more, visit their informative financial blog: https://www.fragassoadvisors.com/blog/.
Investment advice offered by investment advisor representatives through Fragasso Financial Advisors, a registered investment advisor.
About Fragasso Financial Advisors, Inc.
Fragasso Financial Advisors, Inc. operates as an independent, primarily fee-based, employee-owned financial advisory establishment. Since its inception in 1972, the firm has been providing personalized financial planning and investment management services to individuals, non-profit organizations, and businesses. With a focus on long-term relationships and a commitment to providing an exceptional client experience, Fragasso Financial Advisors is a fiduciary, acting in their clients’ best interests with every decision.
Media Contact
Name
Fragasso Financial Advisors
Contact name
Marsha Posset
Contact phone
412-227-3206
Contact address
3402 Washington Road, Suite 301
City
McMurray
State
PA
Zip
15317
Country
United States
Url
https://www.fragassoadvisors.com/
