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Getting Married

What is the difference between married and unmarried couples?

  • Married couples inherit each other property automatically.
  • Married couples have the authority to speak for one another in medical crisis.
  • Married couples have the authority to manage each other finances in a crisis.

Who need to be notice if you change you name after getting married.

  • Social Security administration, department of motor vehicle, Post Office, investments and bank accounts, employer, voters registration, credit cards and loans, retirement accounts, passport office, and insurance agents.
  • List your tax professional as one you need to inform because if it does not match the social security database it cause delays in filing and receiving refunds.

Do I update my will once I get married?

  • Absolutely. You want to make sure you spouse and other beneficiaries will get what is meant for them at the time of your death.

What is the tax implications after getting married?

  • After getting married you and your spouse will file a joint income tax return. This does simplify the process but you will most likely realize you tax bill is higher or lower than when you were single.
  • You need to decide to file as "married filing jointly" or "married filing separately" (In most cases it is better to file joint. Some of the benefits may change between 2017 and 2018 due to the tax law changes.)

Death of a Loved One

What do I need if a loved one dies?

  • Copies of all insurance policies, marriage certificate, copy of the death certificate, birth certificates of dependent children, social security numbers of the spouse, a complete list of all property, the will.

What taxes need to be paid after the death of a family member?

  • Federal Estate Tax, State Estate taxes, Income Taxes.

Buying or Leasing Your Next Car

Should I buy or lease my next car?

The following factors apply:

  • What is the deal you can make with the dealership?
  • How much wear and tear you put on a car.
  • How many miles you typically put on a care.
  • Who will be the primary user of the car.

How do I negotiate for a new car?

Tips when negotiating for a new car:

  • Keep in mind the dealership. Make sure is it a dealership that you are comfortable having a long-term relationship with.
  • The last Saturday in September, October and December is the best time to shoot for a good bargain on a car.
  • Lastly even if you think you have a good price, still checkout other dealerships.

How do auto leases function?

  • Open-Ended: The risk of depreciated value falls on you
  • Closed-Ended: The risk of depreciated value falls on the dealer.

Turning 59½ and 70½

I've just turned 59½. What does this mean for my finances?

Now that you are 59½, you can withdraw- or "distribute"- from your 401k without having to pay the 10% federal penalty tax. However, the distribution will now be considered taxable income.

I am now 70½ - can I access my retirement savings?

The IRS has the age of 70½ as the beginning age of RMDs (required minimum distributions). This may seem intimidating, but that simply means that you must (it's mandatory) withdrawal funds annually from your retirement accounts. This requirements affects those with a 401k plan, a Simple IRA, or a SEP IRA.

To find out how much you must withdrawl, contact DTS Dampers Tax Services for more information. If you fail to withdraw the RMD on time, there could be a 50% penalty.