Call your individual health insurance plan's number and ask to remove a dependent from the plan. If you pay premiums on a month-to-month basis, you can drop your spouse effective the next month. If you prepay for a longer period, you may have to wait to drop your spouse. The represe...
The IRS requires your employer to withhold money from each paycheck you receive, but you have more control over the amount that's withheld than you think. You can use a simple tool on the IRS website to get an estimate that helps answer “What percentage
Make time: It’s not always easy to find a chunk of time when you can sit down without any distractions. Setting aside even an hour or so to discuss your insurance needs — first with your spouse and then with an insurance representative or financial planner — is well worth your time i...
If you retire before age 65, you’ll need to find how to get medical insurance until you are eligible for Medicare. You might qualify through a previous employer, professional group or your spouse’s health insurance plan (if they are still working). You can look at getting coverage through...
There are some ways to add sprinkles on the top, such as opening an IRA for a spouse without earned income, but that's on the "advanced planning" menu. A traditional IRA allows you to deduct contributions from your taxable income, which means you'll pay less in taxes now, but will ...
Do you need term life insurance? Term life insurance is a good choice for most people as it typically covers you for the time of your life where you have the most financial obligations. Consider this type of coverage if: People — like a spouse or child — depend on you financially. You...
They make it easier for your spouse or child to access funds that are shared. The presence of a joint owner can provide a higher level of FDIC insurance (up to $500,000 instead of $250,000, since each person has $250,000 worth of deposit insurance in the joint account ownership catego...
However, life doesn’t always follow a straight path, and marriages can sometimes end in divorce. This raises the question of what happens to the life insurance beneficiary designation when a couple goes through a divorce. How does the divorce affect the designation of the ex-spouse ...
“I will say that the spouse’s increased withholdings could be dicey if the couple splits up or decided to file separately.” Failing to make quarterly estimated payments can result in a penalty for underpayment when you file your tax return. In addition, if you don’t make ...
You can reduce your estate taxesif you own a life insurance policyas well. On their own, life insurance proceeds are free of income tax at the federal level when they are paid to your beneficiary.15But when the proceeds are included as part of your taxable estate for estate tax purposes,...