Which Assets in Which Accounts?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 11 March 2021
⏱️ 13 minutes
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Summary
Is there a rhyme or reason as to which assets you should be holding in your various accounts? For instance, should bonds be held in a taxable or tax-deferred account?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money podcast. It is Thursday, March 11th. And we are just delighted |
| 0:11.0 | that you are joining us today. If you have a financial question, all you need to do |
| 0:16.7 | is send us an email. Ask Jill at JillOnMoney.com. Ask Jill at JillOnMoney.com. Here is a note |
| 0:26.4 | from Heather who says, I would be interested in a podcast about the implications of finances |
| 0:34.3 | when deciding to get married versus being a domestic partner. My state of Minnesota does not |
| 0:40.9 | acknowledge domestic partnerships, so some of the benefits are not provided. I am a young widow |
| 0:47.3 | with a child, oh gosh, that's terrible. And I've wondered if there's any financial benefit to |
| 0:52.0 | getting married again. By getting married, you're basically on the financial hook with your spouse |
| 0:58.2 | for any burden that he or she might incur in the future and tax brackets are different. Are there |
| 1:04.1 | any other underlying pros and cons to marriage when looking at it from a financial perspective? |
| 1:08.8 | Heather, God bless you with that kind of question. So here's the deal. There are usually benefits, |
| 1:15.6 | mostly benefits of getting married. The tax code is really created to support marriage. |
| 1:24.8 | I wouldn't get to nuts about the actual brackets for taxes because that can shift and obviously |
| 1:31.2 | depends on whether someone's making more or less whether that's good or bad. The entire estate |
| 1:36.4 | tax law is structured around being married, not being a domestic partner, so that's number one. |
| 1:40.8 | It's much easier to pass assets back and forth. And the other aspect is that the burdens that |
| 1:46.7 | you might incur can actually be solved ahead of time. In other words, if you marry or you tend to |
| 1:54.8 | marry somebody who has got a whole bunch of debt and you get married, you can actually have a |
| 1:58.8 | prenup that will anticipate if there's anything that goes south in this relationship, you take your |
| 2:03.8 | debt, I take my assets and we move on our way. I think that generally speaking most planners, |
| 2:10.4 | most CFPs and most tax accountants will tell you that usually the system favors marriage over |
| 2:19.7 | domestic partnership. Also, there are also some health insurance plans that will only allow you |
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