My partner, Diane, & I are planning to get married next year. Since we're both in our late 60's, marriage at our age complicates our estate planning and a whole lot of other things one of which is taxes. I'd like to be able to "toggle" my current "Family" from "partnered" to "married" to see which provides us with the highest standard of living. Is this possible or does it mess up the database?
Thanks
James
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RSS
james300 at pacbell.net wrote:I'd like to be able to "toggle" my current "Family" from "partnered" to "married" to see which provides us with the highest standard of living. Is this possible or does it mess up the database?I'm checking now. Off the top of my head, the biggest effect should be SS spousal benefits (your or Diane will get them now) as well as survivor benefits in the event of death. The tax picture is complicated by what state you're in, there are some Federal downsides as well.
ESPlanner appears to do the right thing if you toggle partner/married status.
Best,
Dick Munroe