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Taking a Financial Inventory

Step 1: How Much Monthly Income Do I Have?

Step 2: How Much Money Do I Need?

Step 3: How Can I Find Out What I Have?

Step 4: How Much Money Do I Have Overall?

Step 5: How Do I Handle. . .?

Medical Expenses and Other Bills?

Insurance?

Student Loans?

My Children's Education?

Employment/Business Ownership?

Working with Financial and Legal Advisors

Settling the Estate

Taking Control of Your Financial Future

Glossary of Financial Terms

Resources

taking a financial inventory
How Do I Handle My Children's Education?

If your spouse dies and you have established education accounts for your children, such as a 529 Plan or Coverdell Education Savings Account, you can continue to keep and contribute to them. For more information on college savings options, see “Paying for College.”

If the child you were saving for dies, you may transfer the account to a relative, possibly without income tax or penalty. You also may request a refund, and the account will be refunded according to the plan’s policy. You will have to pay income taxes on the earnings in the account, but, because the child died, you should not be subject to penalties.