June · The Decision Calendar

The Survivor Check

Alex Alston

What the income becomes, what the tax bill becomes, and whether the essentials are still covered — for whichever of you is left. Run it both directions.

01Today Annual figures, both of you

Social Security — higher earner
Social Security — lower earnerThis one stops at the first death
PensionAnnual, before any survivor reduction
IRA and 401(k) withdrawalsIncluding required distributions
Interest, dividends, other taxable income

      Pension survivor electionIf you have one
        
      Essential expenses todayFrom January
        
      Survivor's essentialsThey fall far less than income does
        
    

02The two pictures Assuming the higher earner dies first

03Beneficiary audit Twenty minutes, six-figure consequences

The beneficiary form controls where the account goes. Your will does not. Work through every account you have.

04Could they actually find it? The drill nobody runs

If the person who handles the money dies first, the other one is learning all of this in the worst month of their life. Check what is genuinely in place.

05What this tells you

Carry forward

Federal tax only, using current-year figures and standard deductions. State treatment varies. The year of death you generally still file jointly — this shows the year after, which is when the change lands. Bring it to the June call.

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Advisory services offered through Sowell Management, a Registered Investment Advisor. Alex Alston and Andrew Alston are Investment Advisor Representatives of Sowell Management and provide advisory services as Alston Financial Group. Insurance products are offered through Alston Wealth LLC, a separate company not affiliated with Sowell Management. Content on this site is general education, not individualized advice.

Alston Financial Services was a separate company; its history is shared here as family background and is not a representation of this firm's tenure or experience.