Most people think about the immediate benefits of marriage. They think about all the gifts they are going to get and the money they are going to receive at their wedding. They also think about the benefit of getting to spend the rest of your life with your best friend. These are great benefits but there are a lot of legal benefits that not many people think about. Here is a list of the top legal benefits of marriage.
The first legal benefit of marriage is a tax deduction. The best tax benefit is the unlimited marital tax deduction. This basically says that you can give your partner any asset without getting taxed. This also means when you die you can leave them assets without them having to pay an estate tax on it.
The second legal benefit of marriage is that you can now file taxes jointly. This benefits people when one person stays at home. This will help the person who works get more tax exemptions. It also gives you a better chance of getting tax credits.
The third legal benefit of marriage is social security benefits. This benefit married couples when one person qualifies for social security but the other one doesn’t. A person can also get disability, Medicare, military, veterans, and pension plan benefits from their partner.
The fourth legal benefit of marriage is that if your spouse has an IRA and they die, that IRA will become yours.
The fifth legal benefit of marriage is that if your partner becomes ill you will have the decision over their medical treatment. You will also get to choose if they are cremated or buried.
The sixth legal benefit of marriage is that when one of you dies the other will be able to get all of the estate without having to pay any taxes on it. Even if you do not have a will the other will still get to inherit all of the estate without having to pay taxes.
The seventh legal benefit of marriage is health insurance. If you do not work but your spouse does and they have great medical insurance you are able to join their plan. Even if you do work but the company your spouse works for has better benefits you still have the option of joining their plan.
The eighth legal benefit of marriage is leave options. If your spouse ever becomes ill or dies you will get leave benefits from your place of employment. This means you will be able to take time off of work to take care of or mourn the loss of your spouse.
If you are currently not married and this list changed your mind the first thing you should do is look at engagement rings. If you are in the Denver area there are a lot of Denver jewelers to choose from but the best one is The Diamond Reserve. Their custom jewelers will help you pick out the best engagement ring to begin your next stage of life.