THE DOWNLOAD MONEY MATTERS
Quite often, people find themselves in disputes over what belongs to whom, and those can get ugly and very costly very fast.”
assets are marital or owned by one side or the other, waive the right to spousal support, and more. They are effective for just about anyone getting married, especially when marrying after 50 and merging two separately earned portfolios. Prenups and postnups govern what
happens to your assets in the event of divorce, but they can also protect asset allocation after death, says Ken Jewell of Jewell Law, PLLC. “Children are not disinherited
by virtue of a marriage, but without proper estate planning, in many states, each spouse has a right to a one-third share of the other’s estate in the event of his or her death — and that’s notwithstanding what the decedent’s will provides,” he explains. This means that if your new spouse
outlives you, they could inherit, then bequeath to their own children, a large chunk of your estate that you intended to pass on to your children, grandchildren, or other heirs. Trusts are less contentious and
don’t require a spouse’s approval or consent, says Ramzy Ladah, an attorney at Ladah Law Firm. “A trust gives you control over how
your assets get divided, especially if you’ve got kids from previous marriages, while offering flexibility to protect your retirement funds and still take care of your new spouse, if that’s part of your long-term plan,” Ladah says.
COMBINING ASSETS Agreeing to share a bathroom is very different from giving your new partner a legal claim to your home, a move experts say requires careful consideration. “Quite often, people find
themselves in disputes over what
belongs to whom, and those can get ugly and very costly very fast,” says Ladah, who advises keeping real estate separate unless there’s a clear understanding and a strong reason to merge assets.
TAXES AND SOCIAL SECURITY Your marital status can have a significant impact on your retirement income and taxes, as your combined savings can push you into a higher tax bracket without you realizing it — especially if you’ve both been contributing for years to 401(k)s or IRAs, says David L. Blain, chartered financial analyst (CFA) and CEO of BlueSky Wealth Advisors. A larger retirement nest egg
means larger required minimum distributions (RMDs) and potentially higher taxes. And don’t forget that marriage
may affect the Social Security benefits you’re currently getting or the benefits you’re eligible for in the future. For example, if a widower is
currently getting Social Security survivor benefits and he remarries before age 60, he will lose those survivor benefits. If he is over 60 when he remarries, he can continue collecting survivor benefits.
BOTTOM LINE The key to safeguarding your finances is being honest both with yourself and your partner. Don’t avoid the tough
conversations because if your new love fizzles, those difficult discussions will have offered you layers of protection. And always consult an attorney before making big decisions. Doing so is not being pessimistic; it’s being financially savvy.
CANCELING MADE EASY The Federal Trade Commission is
— Ramzy Ladah
simplifying the cancellation process for online memberships and subscriptions. Starting in April, sellers must provide a single, easy-to-use “cancel” button for consumers to opt out of subscriptions, memberships, and recurring payments. The new rule also bans negative option marketing, where businesses assume customer silence or inaction equals consent to continue automatic renewals or trial period charges without a cancellation option.
SOCIAL SECURITY HIKE Social Security’s annual cost-of-living
adjustment will be just 2.5% this year. The increase, based on the inflation rate, is the smallest since 2021, when it was just 1.3%. While a low increase may feel disappointing, given the fact that last year’s adjustment was 8.7%, it’s actually a good sign, meaning we’re no longer dealing with huge price increases. On a $2,000 Social Security check, you’ll get $50 more per month.
FLIGHT CASH Recently, many flights announced
being overbooked and asked for volunteers to take a later connection. But what happens if you’re involuntarily bumped? Airlines can deny you boarding if the flight is oversold, exceeds weight limits, or a smaller plane is used than expected. The good news: Under Department
of Transportation rules, airlines must compensate you up to $1,550, depending on your delay, the inconvenience caused, and whether it’s a domestic or international flight.
BEWARE OF ‘JUGGING’ Jugging occurs when criminals watch
customers withdraw large amounts of money from ATMs, banks, or credit unions, then follow them to rob them at an opportune moment. To stay safe: Stay alert to anyone lingering nearby during transactions, avoid distractions like earbuds or engaging with strangers approaching you, ensure you’re not being followed when leaving, and never leave cash in your vehicle.
FEBRUARY 2025 | NEWSMAX MAXLIFE 75
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