What You Should Know About Getting Married?
Social Security benefits and filing joint taxes don’t exactly pop into your head when you’re getting engaged. It is love that will make you marry each other after all. But this is not the only thing that makes a marriage life amazing. You will gain so many benefits with this in your way of living. Here are some of the legal benefits that you might never know of:
Marital Tax Deduction
Unlimited marital tax deduction is the biggest tax benefit a married couple can receive. You can transfer an unlimited amount of assets to your spouse at any time, free from tax. That also includes leaving assets in your estate to your spouse without estate or gift tax subjection. And just to clarify, gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. So, basically, a gift is giving property or money without expecting to receive equal value in return.
Social Security Benefits
If either you or your spouse doesn’t qualify for your own Social Security benefits, you can receive the other spouse’s benefits. The payoff isn’t immediate, though — you have to either be at least 62 years old or be any age but caring for a child who can receive benefits and is younger than 16 years old or disabled. You can also potentially receive Medicare, disability, veterans, military and pension plan benefits through your spouse. And although this is a bit of a buzzkill statement, knowledge is power. If your marriage ends but lasted at least 10 years, you may still be able to receive Social Security benefits on your former spouse’s record. Aside from that, you’d also have entitlement to spousal support.
Legal Decision-Making Benefits
If you’re married, you can have the status as next-of-kin for hospital visits, which grants you the ability to make medical decisions in the event your spouse becomes sick or disabled. You also have the legal right to sue for wrongful death of a spouse and have decision-making power with respect to whether a deceased partner will be cremated or not and where to bury him or her.
Health Insurance Benefits
If you’re married, you can usually get on your spouse’s health insurance and get a family rate. This is helpful when one spouse may not have health insurance through their own employer or isn’t currently employed.