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Local 2409 Microsite News  RETIREES' COMMITTEE REPORT4/12/2007Brothers - Here is a copy of the April retirees' report. - Ed The following are suggested financial steps to be taken after a spouse dies: * Obtain at least 10 to 20 certified copies of your spouse's death certificate. You will need to present them to financial institutions and other parties. Purchase them through the funeral home. Cost @ $7 per copy. * Contact your spouses former employer and ask for the human resources or benefit plan administrator. Ask if you are entitled to benefits. If your spouse had a 401(k), arrange to have it rolled over into an IRA. Also ask if you are entitled to any retiree medical coverage. * If your spouse had life insurance, contact the issuer of the policy. Transfer the lump sum into a money market fund until you decide how to invest the money. * Contact the Social Security Administration (800-772-1213) or www.ssa.gov/survivorplan/index.htm. As a surviving spouse, you will receive your spouse's SSA payments or your payments (depending on your age) Whichever is greater. If you have unmarried children under age 19, they may be entitled to survivor benefits. You can receive a one-time $255 death benefit. * Contact financial institutions with which you and your spouse had joint accounts. Change the accounts to your name only. * If your spouse served in the military, you may be entitled to a military pension, death benefit and / or funeral and burial costs. Contact the US Department of Veterans Affairs (800-827-1000) or www.cem.va.gov. Ask to get a benefit statement in writing. * Contact your local motor vehicle department to cancel your spouse's license and change titles on any vehicles to your name or the name dictated by your spouse's will. * Notify insures of debts held in your spouse's name and debts held jointly (with mortgage lenders, credit card companies, auto lenders, etc.) of your spouse's death. Ask the lenders if you or your spouse signed up for "payment protection", Guaranteeing that mortgage or car payments or minimum credit card payments will continue for a certain period in the event of death. Some programs pay off the loan. The estate must pay off the remaining debts. * Consult your tax adviser. You must report any income your spouse earned in the year of his death. You can file a joint return for that year and claim the standard deduction if you don't itemize. Contact your union for additional help. Respectfully submitted, Brad Cecil, Chairman |
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Last modified: 2/18/2010 Copyright 1996-2001, The International Association of Machinists and Aerospace Workers |
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