Passing away of a spouse is the most detrimental event that could happen to any individual and can also set them back by quite a lot, both emotionally and financially. In case that the spouse who passed away was the bread earner of the family or earned the majority of the funds that run the family, bringing the household back to its normal running self can get to be more than a small hick up. Taking the help of legal professionals becomes mandatory in this situation. Here is where Ed Lloyd & Associates PLLC rises to the occasion by extending some of the best tips to control the finances in situations as such.
Filing for Life Insurance Claim
If your spouse had a life insurance to his or her name, it is necessary to let the life insurance company know about the decrease of the policyholder. The next step involves placing the claim for the policy amount. As the person has deceased, you as the spouse are liable to receive the whole amount of the insured policy. Take the help of Ed Lloyd & Associates PLLC for making the insurance claim and receive the sum in the least amount of time.
Contacting the family attorney or other expert attorneys such as from Ed Lloyd CPA can help you get both your finances and properties sorted. If these properties were in the name of the deceased or under joint ownership, the papers deserve a change in the name of the owner.
Lean about the Bank Accounts
Post the death of a spouse it is always necessary to contact the bank. Letting the bank know about the death, calls for some change in the papers and also the ownership of joint accounts and lockers. This is an important step in safeguarding the finances and keeping the future of the family secure, no matter what.
Other than these tips, Ed Lloyd & Associates PLLC also provides other tips that can help you safeguard your finances, in case a spouse passes away.
To know more about Estate planning and the tools required, read - An Introduction to Estate Planning Tools by Ed Lloyd & Associates PLLC
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Ed Lloyd and Associates PLLC believe that preparing for the tax payment is the final step in a company’s annual work and they help the companies in this crucial endeavor by helping them to minimize the money paid on taxes and maximizing the gain and benefits of the organization.
Ed Lloyd & Associates PLLC provide a wide range of tax services to their clients which include:
They prepare a strategic tax plan that aims at reducing the amount that a client needs to pay as tax. They help their clients to implement these plans and make sure that the clients claim all the deductions that they are eligible for. They help the clients to do so by:
- Helping the client to organize the business such that there is provision for the protection of assets, reduction of taxes and reduction of the risks in the audit.
- Documenting all the deductions that a client is eligible for.
- Explaining the correct benefit plans for the client and his employees.
- Educating the client about the tax deductions that he is eligible for under the tax code of the country.
Ed Lloyd & Associates, PLLC provide their clients with a variety of accounting services to make sure that there is a high level of accuracy in their records. They help their clients to prepare the projections necessary for taxation which ensures that the tax payments that have been estimated for the client are correct. Accounting services include:
- Financial Statements on a monthly and quarterly basis
- Assistance in auditing, compiling and managing financial statements
- Developing an accounting system
- Assistance in bookkeeping and training
Financial Performance Review –
Another important service that is provided by Ed Lloyd & Associates is preparing a report known as the financial performance review which helps the clients to understand the way their business has performed and about its progress.
Ed Lloyd & Associates PLLC also help their clients, be it business organizations or individuals, in preparing tax return documents.
Ed Lloyd & Associates PLLC provide very efficient tax services to their clients.
Do you have young children and are looking for some financial tips? Read – Financial and Legal Tips by Ed Lloyd & Associates PLLC for Parents of Young Children
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