The Mind Money Spectrum Podcast

#50. Getting married? This hidden strategy could pay for your honeymoon.

November 24, 2020 Aaron Agte and Trishul Patel Season 1 Episode 50
The Mind Money Spectrum Podcast
#50. Getting married? This hidden strategy could pay for your honeymoon.
Chapters
The Mind Money Spectrum Podcast
#50. Getting married? This hidden strategy could pay for your honeymoon.
Nov 24, 2020 Season 1 Episode 50
Aaron Agte and Trishul Patel

2020 has created a unique situation for engaged couples. Given social distancing concerns, many have decided to postpone their weddings. But if your relationship is ready, would you be better off getting married this year anyway? In this episode, Trishul and Aaron explore the intersection of tax planning and getting married. They discuss the impact of different tax brackets, the marriage incentive or marriage penalty, and community property versus separate property states. They then highlight estate planning concerns, which can also depend on where you live. Your relationship should still be the defining factor in whether to get married. But it is worth understanding some vital tax effects beforehand. With solid planning, you might even save enough to cover the cost of your honeymoon.

Episode References

MMS #32. These estate planning tips can save you big time.
Why does the government incentivize marriage?
Marriage Tax Changes
Investopedia - What to consider before marrying
Investopedia - Prenup
Community vs. Separate Property
Tenants In Common
MacKenzie Scott - World's richest woman
Tax Brackets

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

2020 has created a unique situation for engaged couples. Given social distancing concerns, many have decided to postpone their weddings. But if your relationship is ready, would you be better off getting married this year anyway? In this episode, Trishul and Aaron explore the intersection of tax planning and getting married. They discuss the impact of different tax brackets, the marriage incentive or marriage penalty, and community property versus separate property states. They then highlight estate planning concerns, which can also depend on where you live. Your relationship should still be the defining factor in whether to get married. But it is worth understanding some vital tax effects beforehand. With solid planning, you might even save enough to cover the cost of your honeymoon.

Episode References

MMS #32. These estate planning tips can save you big time.
Why does the government incentivize marriage?
Marriage Tax Changes
Investopedia - What to consider before marrying
Investopedia - Prenup
Community vs. Separate Property
Tenants In Common
MacKenzie Scott - World's richest woman
Tax Brackets

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.