Many Types of Insurance Can Benefit SpouseBarbara Melman
If you are purchasing a home with a family member or spouse, you each can withdraw up to $10,000 without penalty from your IRAs, provided you both qualify as first-time home buyers. Traditional IRAs and Roth IRAs have different rules about the taxes you may possibly have to pay on this...
If you inherit a traditional IRA from someone other than your spouse, you can transfer the funds to an inherited IRA in your name. Do I have to report my inheritance on my tax return? In general, any inheritance you receive does not need to be reported to the IRS. You typically don...
Work Benefits Delay Part B: If your younger spouse is still working and has access to employer-sponsored health insurance, you might consider delaying enrollment in Medicare Part B. Delaying Part B can be beneficial as it avoids paying premiums for coverage that is already provided by an employe...
change your loan term, alternative options such as a home equity loan or home equity line of credit (HELOC) may be less expensive than the closing costs associated with a cash-out refinance. These options allow you to borrow against your home's equity without refinancing your entire mortgage....
Generally, the residence where you receive mail, the address listed on your tax returns and printed on your drivers’ licenses will identify which residence is your main home. In addition, each home’s proximity to your employer and your spouse’s employer, the place...
How much term life insurance you can buy depends on your choice of provider. Most life insurance companies provide term life coverage that is 25 times the policyholder's annual income. So, if you are between 35 and 40 years old and earn $40,000, you could buy $1 million in term life...
Both you and your spouse can each access up to $10,000 for the first-time homebuyer exemption. First-time homebuyer exemption can be used to help pay for qualified acquisition costs of a home for: yourself, your spouse, your child, grandchild, or parent. ...
A prenup can contain provisions outlining how to handle a life insurance plan, either by naming your spouse the beneficiary or specifying someone else to receive a part of the payout. Also, prenups can be used to require that your partner get a life insurance policy in order to ensure you...
To collect Social Security benefits based on your ex-spouse's record, the benefit you are entitled to based on your work must be less than what you would receive based on your ex-spouse's work.1 Collecting Your Benefits and Your Ex-Spouse's ...