Are you getting married soon? Or have you recently exchanged vows? Amid all the wedding-related details, have you thought about your changing tax status?

First, you may have heard that getting married comes with a "marriage penalty" (taxes are higher for the couple than the sum of the two before marriage). That's not necessarily the case.

It all depends on the situation. There are tools available to help you get a sense of whether your marriage will lead to a tax penalty -- or a tax bonus. For example, take a look at the Marriage Tax Calculator at Calculator.net (tinyurl.com/5n6c84jf). There you will be able to do a quick estimate of taxes by running two single-filer calculations to compare to a joint-filer situation. The calculator is easy to use and intuitive, and it will help you decide on whether you need to change your W-4 tax withholding at work. You'll want to withhold more if you wind up with a marriage penalty and less if you have a marriage bonus.

Also check for additional Medicare taxes (for more details, see the IRS webpage "Questions and answers for the Additional Medicare Tax" at tinyurl.com/bddtumyw). The Tax Withholding Estimator on IRS.gov can be used to check withholding and provide tips for completing a new Form W-4, Employee's Withholding Certificate. If you do decide to change your withholding, you can provide your employer an updated Form W-4 (tinyurl.com/39kwfjfr).

No matter the outcome, your marital status as of Dec. 31 of the year you tie the knot will determine your tax filing options for the entire year. You'll be able to choose between married filing separately and married filing jointly.

"Most married couples file jointly because it is simpler and often more financially beneficial. Filing jointly also makes you eligible for many tax deductions and tax credits," states the article "The Tax Ramifications of Tying the Knot" on the Taxpayer Advocate Service (TAS) website (tinyurl.com/38xtrmua). TAS is an independent organization that serves as the taxpayer's voice at the IRS.

However, TAS also warns of "joint and several liability." When a newly married couple files jointly, "the IRS can collect a joint liability from either you or your spouse, even after you're divorced." It is in effect for any year that you file a joint return, and the liability can involve federal income tax underpayments, interest and penalties, even if they are "caused by your new spouse's unintentional tax errors and omissions or deliberate tax offense." If you file separately, you'll "have no liability for your spouse's outstanding federal tax debts."

There may be other reasons to consider filing separately, as noted by U.S. tax software company TaxAct (tinyurl.com/yc3chmjs):

-- One spouse has high out-of-pocket medical expenses and would benefit from itemized deductions, whereas the other spouse would benefit from the standard deduction.

-- One spouse has an income-based student-loan repayment plan.

-- There is a concern about a financial or legal separation.

Here are some additional items to take care of after marriage:

-- Update your beneficiary designations on your IRAs and 401(k)s.

-- Update your wills and trusts and other estate-planning documents.

-- If your address has changed, update your address with the post office, employers and the IRS. Use Form 8822, Change of Address (tinyurl.com/465tvpjs), to change your address with the IRS.

There is more to talk about, of course, since this is not a comprehensive list of changes. Be sure to see the IRS webpage "Tax checklist for newlyweds" (tinyurl.com/5t3zneup). Also check out "Personal Finance Tips for Newlyweds" (tinyurl.com/2j8h5a7t), which lists a number of possible "mistakes," from "avoiding the money talk" to "not having a plan for your accounts." This is a resource of the ABA Foundation, an arm of the American Bankers Association.

I welcome questions we can talk about in the column. Write to me at readers@juliejason.com.

On another note, applications are being accepted for the 2025 national 401(k) Champion Award. Find out more information at 401kchampion.com.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

Does your estate plan need to be reviewed for international considerations?

It's no surprise that we live in a global world, with family and work connections that cross continents. The question is, does that mean we need to see estate planning any differently? Can citizenship or residency or domicile have an effect on estate planning?

I asked William Kambas, a partner in the U.S. Private Client and Tax team at global law firm Withers Bergman LLP, for guidance.

The list of legal and probate considerations is a long one when international issues are involved. Most important is getting guidance on applicable laws in each country where assets are held; identifying potential conflicts between different legal systems (for example, multiple countries that seek to tax or restrict asset transfers without credits); and ensuring compliance with international inheritance laws.

Next, you'll need to assess estate taxes in each country; anticipate possible currency exchange and financial transfers; and coordinate with tax advisers to avoid double taxation -- defined by the IRS as taxation of the same income twice (tinyurl.com/mv8d6zar).

Tax treaties come into play. "The United States is a party to tax treaties designed to prevent double taxation of the same income by the United States and the treaty country," states the IRS webpage "Foreign Tax Credit -- Special issues" (tinyurl.com/yyh72542). Also see the IRS webpage on tax treaties (tinyurl.com/54r8ryth).

The actual administration of the estate and the distribution of assets also take extra care, including asset appraisal and inventory across jurisdictions; the proper documentation for international asset transfers; and the distribution of assets according to the will and local laws. Recordkeeping and due diligence (checking and double-checking titling of assets and insurance policies and their holders, among other associated asset-holding matters) may call for the help of a trusted adviser or a family office.

What needs to happen when someone with international connections passes away? Kambas, who often guides ultra-high-net-worth clients, their family offices and fiduciaries, offered this list:

-- Obtain multiple copies of the death certificate (needed for legal and financial processes)

-- Locate and review the will (check for international provisions)

-- Confirm the jurisdictions where probate or inheritance processes must be filed

-- Secure assets (real estate, bank accounts, investments and valuables)

-- Notify beneficiaries and heirs

Legal and probate considerations:

-- Determine applicable laws in each country where assets are held

-- File for probate (or similar process as might exist) in relevant jurisdictions

-- Appoint local legal representatives, if required

-- Identify potential conflicts between different legal systems (multiple countries seeking to tax or restrict asset transfers without credits)

-- Ensure compliance with international inheritance laws

Financial and tax responsibilities:

-- Obtain an estate tax identification number (EIN), if required

-- Assess estate taxes in each country

-- Coordinate with tax advisers to avoid double taxation

-- Identify outstanding debts and liabilities

-- Anticipate possible currency exchange and financial transfers

Asset distribution and administration:

-- Inventory and appraise assets across jurisdictions

-- Transfer ownership of real estate and financial accounts

-- Ensure proper documentation for international asset transfers

-- Distribute assets according to the will and local laws

-- Close accounts and finalize estate administration

Of course, it helps to take initiative while family members are living and in good health. It may also help to project into the future -- or, in Kambas' words, "to create road maps of the process" so family offices and fiduciaries (as well as family members themselves) can be prepared well in advance of the actual transition.

To familiarize yourself on the topic, check out the Withers website at tinyurl.com/4hn93chh, as well as resources provided by the International Bar Association, a not-for-profit corporation that offers estate planning guides for more than 40 countries at tinyurl.com/2s39s5kf.

My final word of advice: Don't wait to engage in a review of overseas assets and non-U.S. connections. Give yourself plenty of time to learn about potential complications and to determine whether you need to engage expertise.

On another note, the national 401(k) Champion Award, which honors 401(k) participants who not only maximize their 401(k) benefits but also inspire others to do the same, is now accepting applications for the 2025 competition. Find out more information at 401kchampion.com.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

When I was speaking with a trusts and estates lawyer a few weeks ago, alongside a mutual client, the subject of "unexpected" inheritances came up. The lawyer mentioned that a client of hers unexpectedly inherited $35 million from a parent and found herself unprepared to prudently handle the financial decisions she would be called upon to make.

(Full disclosure: As investment counsel, my firm prepares client families for wealth transitions as a matter of course, while preserving confidentiality of the dollars involved.)

Wealth transfers of this size do occur, and more are likely as time goes on.

Cerulli, a research, consulting and analytics firm that focuses on the financial services industry, projects that through 2048, $105 trillion will flow to heirs, with another $18 trillion going to charity (tinyurl.com/4mfvxjtw).

About one-half of this figure is expected to come from only 2% of U.S. households (high-net-worth and ultra-high-net-worth individuals). The vast majority (81%) will transfer from baby boomers (born between 1946 and 1964) and older generations, as might be expected. Further, about one-half of the dollars flowing to heirs is expected to be passed on to spouses first before eventually transferring intergenerationally to heirs and to charities. Nearly $40 trillion of these spousal transfers will be going to widowed women in the baby boomer and older generations.

Let's return to my conversation with the lawyer. What about the element of surprise? Should parents involve their children in their estate plans, including sharing the size of their estates? From my perspective, the answer depends on family dynamics. The general rule that protects all interests is to share information strictly on a need-to-know basis. For most families, that rule translates into discussions without dollars.

What falls under need-to-know for most families? The minimum to share is the fact that an estate plan is in place, the location of the original will, and the contact information for the estate planning attorneys, financial advisers and accountants. If family members are named in any documents, including wills, trusts and, of course, health care proxies or powers of attorney, they would want you to talk about their roles.

What about the person receiving the inheritance? In most cases, parents leave inheritances to their children if widowed or divorced. If married, spouses leave money to their surviving spouses. In either case, ultimately, according to Kay Hope, research analyst at Bank of America Global Research, "women will receive most of it," according to an article on CNBC.com (tinyurl.com/5bh43j6u).

By Hope's calculations, women will inherit the majority (70%) of the $124 trillion wealth transfer over the next 25 years; some of it will transfer first to surviving spouses, then to their children.

According to the Bank of America Institute's recent Women and Wealth report, roughly $54 trillion will go to surviving spouses, most of the time (95%) to the wife.

As a result of the great wealth transfer, which is already underway, "women will soon control more money than ever before," according to Bank of America.

Does this trend raise the question of the need for targeted education? Should women be alert to educating themselves about wealth generally and wealth transfer in particular? Is gender relevant to the recipient? What if you were the surprised recipient of the lawyer's news that you inherited assets, perhaps even millions of dollars, from your parents? Would you be prepared to handle the newfound responsibility that a wealth transfer triggers? If these questions raise even more questions, let me know (readers@juliejason.com). I'll follow up with additional columns on the subject.

On another note, as part of my pro bono financial literacy efforts, I sponsor the national 401(k) Champion Award Competition (401kchampion.com), which honors 401(k) participants who not only use their 401(k)s wisely to save for retirement, but also encourage others to do the same. The essay competition launched on June 15, National 401(k) Champion Day, which was celebrated for the first time on June 15 of this year (tinyurl.com/58e78zjy). There are no costs to enter the competition. Three 401(k) Champions will be announced on National 401(k) Day, Sept. 5, 2025.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION