Inheriting Wealth After the Loss of Your Spouse: Guidance from an Ohio Fee-Only Financial Planner

If you’re reading this, chances are you’re navigating one of the hardest seasons of life: losing your husband and suddenly being responsible for financial decisions you never expected to make alone.

As a Fee-Only Financial Planner based in Ohio, I’ve worked with many Homemakers and retired widows who are overwhelmed not only by grief but also by the burden of managing inherited wealth, taxes, investments, and long-term retirement decisions.

My goal in writing this is simple: to help you understand your options, avoid costly tax mistakes, and move forward at a pace that feels right for you.

I have personally experienced this when my father passed away, and I had to handle what was left for my mother. I understand what you are going through.

First, Let Me Say This: You Don’t Have to Rush

One of the most important things I tell widows is this:

"You usually do not need to make major financial decisions immediately."

Unless there is a pressing cash need or a required minimum distribution (RMD), most inherited assets allow time to act. Taking a breath and gaining clarity is often the smartest first financial move you can make.

Good planning doesn’t come from urgency; it comes from understanding.

Understanding What You’ve Inherited Comes First

Every tax and financial strategy starts with knowing what types of assets you now own.

Common examples include:

• IRAs and retirement accounts

• Brokerage (investment) accounts

• Bank and cash accounts

• Real estate

• Life insurance proceeds

• Annuities

Each of these assets is taxed differently. Before making changes, I help clients create a clear inventory so nothing is overlooked and no opportunity is missed.

Recieving Inheritance Check

Important Tax Moves for Retired Widows Who Inherit Wealth

1. The Step-Up in Cost Basis (A Major Tax Advantage)

If you inherited investment accounts or real estate held in a taxable account, you may receive a step-up in cost basis.

In practical terms, this can mean:

• Eliminating years of unrealized capital gains

• Selling assets with little or no capital gains tax

• Simplifying your portfolio without unnecessary tax consequences

This is one of the most valuable tax benefits widows receive—and one that is often misunderstood or missed entirely.

2. Special Rules for Inherited Retirement Accounts

As a surviving spouse, you have more flexibility than other beneficiaries.

Depending on your age and situation, you may be able to:

• Roll your husband’s IRA into your own

• Delay required minimum distributions

• Adjust withdrawals to better manage your tax bracket

Handled correctly, retirement account decisions can significantly reduce lifetime taxes and create more predictable income throughout retirement.

3. Planning for the “Widow’s Tax Penalty.”

After a spouse passes, your tax filing status will eventually change from Married Filing Jointly to Single.

This often leads to:

• Higher tax rates on the same income

• Increased taxation of Social Security benefits

• Higher Medicare premiums (IRMAA)

As an Ohio financial planner, I help widows plan ahead for this transition so there are fewer surprises and more control over future taxes.

4. Roth Conversions May Be Worth Exploring

For some widows, the years immediately after a spouse’s death can create a temporary window for tax planning.

When income is lower, strategic Roth conversions may:

• Reduce future required minimum distributions

• Lower long-term tax exposure

• Provide tax-free income later in retirement

This strategy is not right for everyone—but when coordinated properly, it can be extremely effective.

Ohio Tax and Inheritance Law

Managing Everything on Your Own Now

Beyond taxes and investments, many widows tell me the hardest part is simply feeling like they’re suddenly “in charge of everything.”

That’s why I often recommend:

• Simplifying accounts and investments

• Updating beneficiaries and estate documents

• Working with a fiduciary advisor who explains, not pressures

You deserve advice that is patient, transparent, and focused solely on your best interests.

A Personal Note

Inheriting wealth after the loss of your husband is not just a financial event—it’s an emotional one.

The goal isn’t perfection. The goal is confidence, clarity, and peace of mind.

As a Fee-Only Financial Planner serving individuals and families across Ohio, my role is to walk alongside you, answer your questions, and help you make decisions that honor both your future and the life you’ve lived.

Ready to Talk?

If you’re a retired widow in Ohio and would like thoughtful guidance on inherited wealth, taxes, and retirement planning, I invite you to schedule a conversation.

There’s no pressure—just a chance to talk through your situation and see if working together makes sense.

👉 Schedule a 60-minute Zoom meeting here: https://calendly.com/mygatewaymoney/30minzoom?back=1&month=2026-02

You don't need to go through this on your own, nor do you need to have all the answers before seeking help. I've experienced this with my own family and with numerous clients in a similar situation to yours.