Medical and Estate Planning Benefits of Being Married
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Medical and Estate Planning Benefits of Being Married
Married people benefit in many ways from estate planning laws and medical-related issues.
Things To Know
- You are entitled by state law to inherit a part of your spouse’s estate.
- You get first consideration as a conservator.
Inheriting property
As a married person, you are entitled by state law to inherit a part of your spouse’s estate after he or she dies. The property given to you by inheritance is exempted from estate taxes.
Gifts given to you by your spouse while you are both alive are also exempt from gift taxes, which are otherwise levied on amounts above a certain amount each year.
You also benefit from various trusts that only married couples can enjoy. These include marital deduction trusts and QTIP trusts.
Conservatorships
If a conservator needs to be appointed for your spouse in order to make financial or medical decisions for him or her, you get first consideration. You may make medical decisions for your spouse in the event he or she becomes incapacitated. Upon your spouse’s death, you may make final arrangements for burial and funeral.