Summertime wedding season is upon us!
Amidst all of the event planning and celebration, it’s so important to review your financial, legal, and tax documents for any changes that might be needed. In working with our clients, I see in “real life” how important it is to review documents on a regular basis, and especially when a major life event is happening. Current documents are not a romantic honeymoon topic, but they can add to peace and happiness in the future!
Here are the six top areas that need your attention:
- Change of name – If you change your name, you need to report it to the SSA with Form SS-5. The easiest way to get the form is to download and print it on SSA.gov. Then, simply take it to your nearest SSA office. Other items to update include your driver’s license and any financial accounts.
- Change of address. You can change your address online at USPS.com, or report the change at your local post office. Don’t forget any financial accounts as well – even if you receive electronic statements.
- Change tax withholding. When you get married, you should consider a change of income tax withholding. To do that, give your employer a new Form W-4. The withholding rate for married people is lower than for those who are single. Some married people find that they do not have enough tax withheld at the married rate, so it’s a good idea to use the IRS Withholding Calculator tool at IRS.gov.
- Review and update legal documents – especially wills, living wills, and powers of attorney, to reflect your current wishes.
- Review and update account beneficiary designations – such as bank accounts, investment accounts, employer retirement plans, and insurance policies.
- Changes in circumstances. If you receive advance payments of the premium tax credit you should report changes in circumstances, such as your marriage, to your Health Insurance Marketplace. Other changes that you should report include a change in your income or family size. Reporting changes in circumstances will allow the Marketplace to adjust your advance credit payments. This adjustment will help you avoid getting a smaller refund or owing money that you did not expect to owe on your federal tax return.
Last but definitely not least, notify your professional advisers – financial planner, insurance agent, accountant, estate attorney, etc…we will be supporting and celebrating right along with you!