Unmarried couples don't:
Unmarried couples don't...
Here are some important steps to take for couples that are unmarried:
Here are some important steps to take for couples that are unmarried...
In the case of death, life insurance will provide a form of income for your dependents, children or whoever is your beneficiary. Because of this, married couples usually require more life insurance than singles.
Having someone dependent on your income will determine if you need to have life insurance. If someone such as a child, parent, spouse or other individual is dependent on your income, you should have life insurance. The following are situations where life insurance is necessary:
In the case of death, life insurance will provide a form of income for your dependents, children or whoever is your beneficiary...
All organizations that you had correspondence with while using your unmarried name should be notified. You can begin with the following list:
All organizations that you had correspondence with while using your unmarried name should be notified...
Definitely. When an important life event occurs such as marriage, it should be updated. If not, your spouse and other beneficiaries will not get what is meant for them at the time of your death.
Definitely. When an important life event occurs such as marriage, it should be updated...
You are entitled to file a joint income tax return upon marriage. Although this simplifies the filing process, you will more than likely discover that your tax bill is either higher or lower than when you were single. It's higher when you file together, as more of your income is taxed in the higher tax brackets. This is commonly known as the marriage tax penalty. In 2003, a tax law that intended to reduce the marriage penalty went into effect, but this law didn't get rid of the penalty for higher bracket taxpayers.
Once married, you may not file separately in an attempt to avoid the marriage penalty. Actually, filing as married filing separately can raise your taxes. For the optimal filing status for your situation you should speak with your tax advisor.
You are entitled to file a joint income tax return upon marriage...
Yes. After marriage, there are many ways of owning property. They differ from state to state.
Yes. After marriage, there are many ways of owning property...
A plan for the termination of the financial partnership of the marriage is crucial if you are thinking of divorce. All financial assets and liabilities that have been acquired during the years of marriage will need to be divided. If children play a role, the support that will be paid to the custodial parent in the future should be taken into account.
The time put into organizing this will be worth it in the long run. The following are a few steps to consider:
A plan for the termination of the financial partnership of the marriage is crucial if you are thinking of divorce...
As soon as you know you are going to be getting a divorce, immediately cancel all joint accounts.
Regardless of who accumulated the bill, creditors can legally try to collect payment from either party on the joint credit card or other credit account. You will be responsible for payment as long as your name appears on the joint accounts.
The agreement that is reached during the divorce may state who must pay the bills. From the creditor's point of view, both your spouse and you are responsible as long as the joint account stays open. The creditor will attempt to receive payment from who they think are most likely to pay while reporting late payments to the credit bureaus in both names. Due to the irresponsibility of the co-signer, your credit history could be harmed.
You may be required to pay the remaining balance in full upon closure of the account. If this is the case, ask the creditor to distribute the outstanding balance to separate accounts.
As soon as you know you are going to be getting a divorce...
It is possible to separate yourself from your spouse on your credit report, if the spouse's credit is hurting yours. If you can prove that he/she opened the shared accounts prior to marriage and that he/she pays the bills, you might succeed in convincing the creditor that the damaging information is relevant to your spouse and not you.
It may take persistence to demonstrate that the credit history in question doesn't reflect your own.
It is possible to separate yourself from your spouse on your credit report, if the spouse's credit is hurting yours...
If the name on your account changes, lenders may appraise the application and credit line to decide if your qualifications meet the credit standards. You may be asked to reapply.
To avoid inconvenience, maintain credit in your own name. Preserving your own, separate, credit history makes things easier in the future. In an emergency, if you need credit, it will be available.
Avoid using your spouse's name - i.e. Mrs. Peter Johnson - for purpose of credit.
Get an update on your credit report. Be sure that your name, as well as your spouse's, is being reported correctly. If you would like to use your spouse's credit history to your benefit, simply write a letter to the credit agency and request that both names be put on the account.
Find out if there is any incomplete or inaccurate data in your account. Send the credit bureau a letter asking them to correct this information. They need to confirm receipt within a normal time period and inform you when the mistake is fixed.
Improving your own credit history in your name should be simple if you have been sharing accounts with your spouse. Make a call to a major credit bureau and ask for copies of your account information. Get in touch with the issuers of the cards with whom you share accounts with your spouse and request to have your name on the account as well.
If the name on your account changes, lenders may appraise the application and credit line to decide if your qualifications meet the credit standards...
Make an agreement with your spouse to plan for the legal issues that will be dealt with in the future, such as division of property, alimony or support payments and child custody. The amount of time and money that will be spent trying to reach a legal solution will be lessened dramatically if this can be done, either with the help of lawyers or court.
The following are general tips to face the legal aspects of divorce:
Make an agreement with your spouse to plan for the legal issues that will be dealt with in the future...
Each state has their own laws regarding the division of property between ex-spouses. When it comes to applying those laws, matrimonial judges have a great amount of flexibility.
Whether or not an attorney represents you, you should make sure to have done the following:
Consider having the divorce agreement supply you with funds if you have not worked outside of the home during the marriage.
Each state has their own laws regarding the division of property between ex-spouses...
Upon completion of a divorce, individual tax returns will be filed. There are a few areas that may result in tax consequences. The following are the most common:
Upon completion of a divorce, individual tax returns will be filed...
If in accordance with the qualified domestic relations order or other order of the court in the case of an IRA, these plans are separated as non-taxable. However, this is the case only if the assets stay in the retirement account or IRA. Once the funds are allocated, they will be taxed to the recipient. The payer does not get the benefit of a deduction and the recipient does not have taxable income when divided.
If in accordance with the qualified domestic relations order or other order of the court in the case of an IRA, these plans are separated as non-taxable...
Typically no, although specific fees paid for income or estate tax advice due to the divorce may be deductible. The fees used to decide the alimony amount or to collect the alimony may be deducted. These would be subject to the 2% limitation under the miscellaneous item deductions.
Typically no, although specific fees paid for income or estate tax advice due to the divorce may be deductible...
Typically, the custodial parent has the right to the deduction. This is normally discussed in divorce agreement negotiations. If agreed to in writing, the non-custodial parent may have the deduction.
Typically, the custodial parent has the right to the deduction...
The following is a list of papers that will be necessary:
The following is a list of papers that will be necessary...
To learn how to handle the following assets of the deceased, speak with your financial advisor.
General rules are as follows:
To learn how to handle the following assets of the deceased, speak with your financial advisor. General rules are as follows...
Planning ahead is the best way to avoid overpaying for a family member's funeral. You should know about the Federal Rule or the regulation of the Federal Trade Commission (FTC) dealing with practices of the funeral industry. It provides that:
Contact your federal, state or local consumer protection agencies, the Conference of Funeral Examining Boards (www.theconferenceonline.org), or the Funeral Service Consumer Assistance Program (FSCAP) (www.funeralservicefoundation.org) if you are having a funeral problem that cannot be resolved with the funeral director.
Planning ahead is the best way to avoid overpaying for a family member's funeral...
If the deceased has paid Social Security for a minimum of ten years, he/she is covered. Contact your local Social Security office or call 800-772-1213 to find out if the deceased was eligible. There are two types of available benefits, if eligible:
One-time death benefit - A death benefit is paid by Social Security towards burial expenses. To apply the payment to your funeral bill, simply complete the form necessary at your local Social Security office or ask the funeral director to complete the application. This is only available to eligible spouses or a child that is entitled to the benefits of the survivor.
Benefits of a survivor for a spouse or children - The spouse will be eligible for benefits if he/she is 60 years old or older. The benefit amount collected before the age of 65 will be less than that due at the age of 65 or older. Widows who are disabled are eligible for benefits at age 50. If the deceased's spouse cares for dependent children under the age of 16 or for disabled children, they may qualify for benefits before age 60. The deceased's children who are disabled or younger than 18 may also qualify for the benefits.
If the deceased has paid Social Security for a minimum of ten years, he/she is covered...
It is the legal process of allocating the estate to the lawful heirs as well as paying the debts of the deceased. The process typically includes:
A petition must be filed by the spouse or the selected personal representative with the court following the death. A fee for the process of probate will be charged.
Probation of a will might require legal assistance, depending on the size and complexity of the assets to probate.
If the deceased and someone else jointly owned assets, they are not subject to probate. The proceeds of a life insurance policy or Individual Retirement Account (IRA) will be paid to the beneficiary and are not subject to probate.
It is the legal process of allocating the estate to the lawful heirs as well as paying the debts of the deceased...
The following sums up the different taxes that may need to be paid upon death of a family member:
The following sums up the different taxes that may need to be paid upon death of a family member...
To refuse all or part of the property that is being passed on to you by a will, intestacy laws or the operation of law, you should make use of the disclaimer. The property is passed to the next beneficiary in line with an effective disclaimer.
By the property passing directly from the decedent to the next beneficiary, it could possible save thousands of dollars in estate taxes. The wise use of the a disclaimer and the condition for a disclaimer in a will permits the shifting of assets and income to maximize the estate tax marital deduction, unified credit and the lower income tax brackets.
To provide for financial contingencies, disclaimers may also come in handy. For instance, if someone needs funds, you can disclaim an interest to them.
To refuse all or part of the property that is being passed on to you by a will, intestacy laws or the operation of law...
Of course. If the surviving spouse didn't remarry before the end of the tax year, he/she may choose to file a joint return.
Of course. If the surviving spouse didn't remarry before the end of the tax year...
Typically not. Unless the recipient paid for the privilege to collect the life insurance policies, they are non-taxable income. For instance, if a policy was purchased as an investment.
Typically not. Unless the recipient paid for the privilege to collect the life insurance policies, they are non-taxable income...
Typically, yes because it is considered income with regards to the decedent. The tax is due by the recipient because the deceased had not paid the distribution's income tax. You may be entitled to a deduction for a segment of the estate taxes paid, if the account's value was incorporated in the estate tax return of the decedent.
Typically, yes because it is considered income with regards to the decedent...
The law will pass on the jointly held assets with right of survivorship on to the joint holder. The designated beneficiary of the insurance policies and retirement accounts will be awarded to said individuals. The assets owned only by the decedent will be dealt with according to state law, known as intestacy. Generally, the preference is given to the spouse or children, but the laws differ from state to state.
The law will pass on the jointly held assets with right of survivorship on to the joint holder...
You should first approach the seller of the item. Then, get in touch with the relevant consumer agency. If neither of the previous provides adequate results, a lawsuit can be filed or you may use arbitration.
Approach the Seller
Get in touch with an agency
If your desired goal has yet to be reached, you will want to look in the phone book or online for a consumer complaint agency, such as the county, city or state consumer protection office or the Better Business Bureau.
Another option is to go with the trade association method. There are industry trade associations that will offer to aid in mediating issues with regards to their members.
You may want to get in touch with the appropriate state-banking regulator if your issue deals with a bank. If an insurer is involved, you will want to get in touch with the state insurance regulator, for a securities problem contact the securities regulator or for utilities problems contact the public utilities commission.
Call the state-licensing department if you the issue deals with a state-licensed trade, such as a plumber.
Research the lemon laws of your state, unless you reside in Arkansas or South Dakota, by getting in touch with your state consumer protections agency in the event that you purchased a bad used car.
Get in contact with your area postal inspector, whose information can be located in the U.S. government section of the telephone book, for issues that pertain to mail order or mail fraud.
Look into finding a local television news program hotline for resolving consumer complaints.
Filing a lawsuit
When there are no more options, you will want to file a court case in either small claims court, if the amount is small (usually less than $5000) or if not, a regular lawsuit.
More than likely speaking with an attorney and having them draft a letter to the merchant or service provider giving the details about the lawsuit will resolve the issue.
You probably won't need to hire a lawyer if a small claims case is involved. If the case is bigger than small claims, you will want to hire a lawyer.
You should first approach the seller of the item. Then, get in touch with the relevant consumer agency. If neither of the previous provides adequate results, a lawsuit can be filed or you may use arbitration...
The following are a few ways to lessen your bank fees:
The following are a few ways to lessen your bank fees...
These tips will help you save on all types of insurance:
These tips will help you save on all types of insurance...
These are a few tips to remember to help save money with utility costs:
These are a few tips to remember to help save money with utility costs...
There are many opportunities due to today's cost-cutting competition among phone service providers, such as:
There are many opportunities due to today's cost-cutting competition among phone service providers, such as...
The options that follow will help in reducing the cost of your mortgage:
The options that follow will help in reducing the cost of your mortgage...