Government Benefits of Being Married
- Marriage is a social institution in which two people have a contractual relationship that is recognized by the government. Married couples are privileged with many legal rights that can be financially advantageous or provide protections that are not available to unmarried people.
- Marriage can be financially advantageous in that it can potentially reduce the amount of overall income tax a couple owes. When a couple marries, they gain the option of filing a joint tax return. Filing jointly grants the couple a larger standard tax deduction than single filers are granted; if one partner does not work, it can amount to a large tax savings for the working partner. Married couples that file jointly are also subject to different tax brackets than single filers, which can also to lead to tax savings. Income tax savings is not guaranteed for married couples, however. According to MSN, an analysis by the Congressional Budget Office showed 42% of married taxpayers paid more by filing jointly than they would have if they'd remained single.
- Marriage grants significant benefits to widows and widowers. According to the US Government's Social Security website, when you die, certain members of your family may be eligible for survivors benefits, which can include widows, widowers (and divorced widows and widowers), children and dependent parents. The amount of social security funds provided by the government will depend on the earnings of the person that died. Married couples are also granted automatic inheritance rights. This means spouses have a legal right to a portion of the estate left behind by a dead partner, even if the deceased person did not make a will.
- When a person dies and leaves a large estate or inheritance behind, it may be taxed by the federal government. The estate tax can amount to millions of dollars for those who die with significant wealth. According to MSN, married people can leave an unlimited amount of assets to a spouse without incurring any estate tax.
- Marriage grants couples medical benefits that are not afforded to unmarried individuals. If a married person is hospitalized, their spouse may be granted access to the intensive care unit or other restricted areas of the medical facility for visitation. Married people also have the right to exercise their spouse's wishes in the event that they become incapacitated or unable to think or act for themselves. Its can be an important benefit in the event of injuries that affect the brain and lead to persistent vegetative states or comas.
Income Tax Benefits
Survivor Benefits
Estate Tax Benefits
Medical Benefits
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