Spousal Rollover | Widowed But Not Alone

In the event of a spouse’s death, the surviving spouse is left feeling overwhelmed and confused when it comes to the family finances.

Suddenly being responsible for all the bills, investments, and other money-related items can feel like a daunting task. Especially if you don’t have any previous experience in this area.

In this episode, Kelly Swisher, CPA and senior manager of accounting and tax services at Eder, Casella & Company returns to Widowed But Not Alone Podcast. She provides tips and tricks on how widows can keep more money in their pockets after their spouse’s death.

Kelly discusses:

Two things you need to do immediately after your spouse dies
The age the surviving spouse can start to receive benefits
Taxation of Social Security Benefits
How interest is taxed at the state and federal levels
And More!

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About our Guest:

My parents were great examples to me and my three sisters,” says CPA Kelly Swisher. “They showed us that hard work and generosity matters. They taught us how to be motivated, told us we should follow our dreams, and also encouraged us to enjoy life.”

Those lessons eventually led Swisher from Rockford, Illinois, where she grew up and attended high school, to college, where she earned a Bachelors of Science in Accounting from Northern Illinois University in 2006 and a Masters of Accounting Science from the school a year later. She joined Eder, Casella & Co. in 2008, and is a manager working on tax returns, and monthly and quarterly accounting, while also offering QuickBooks assistance to business clients. “One of my strengths is I can easily adapt and work in many different accounting software platforms,” she says.

Swisher, who is a member of the Illinois CPA Society and the Barrington Breakfast Rotary, enjoys the problem-solving nature of client relationships. “I enjoy helping clients who have accounting problems, a situation where I can come in to fix issues,” the married mother of three says. “It is also great to help clients with their accounting efficiencies — anything to help the client save time and money. Accounting is like a puzzle you have to figure out, with many moving pieces, and it feels great when the puzzle is solved.”

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The hardest part of widowhood is dealing with the series of firsts that proceeds with your spouse’s passing. There is the first month after, the first birthday, the first anniversary.

Add in the first time doing taxes without your spouse on top of all of that can be daunting. Organizing your taxes is critical to giving you a sense of control.

So, where and how do you start the tax planning process?

In this episode, Todd Bessey meets with Kelly Swisher, CPA and senior manager of accounting and tax services at Eder, Casella & Company. She provides tips and tricks that can help widows make good decisions when it comes to tax planning.

Kelly discusses:

Best practices for widows dealing with taxes for the first time without their spouse
How long children can be claimed as dependents on your tax return
What a spousal rollover is
What step-up in basis means
And More!

Widowed But Not Alone

Tag Archives: Spousal Rollover

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