My fiance and I discovered that if we get married, we will both lose 25% of our Social Security payments, which we can't afford. What can we do to be able to make decisions for each other, pay bills, etc. for each other from individual accounts and come as close to married legal rights as possible without being actually married? Would a legal guardianship and wills work? Should we execute Powers of Attorney for each other? If not, what do you suggest?
Much ado about nothing, madam.
I've been married for many, many years to the same woman.
She has been involved, and remains involved in my health, as I do hers.
Not once in all those years has any hospital, medical provider, dental provider, or any other health care professional or facility ever challenged our assertion that we are married.
Now, don't get me wrong, we are married, and have been lawfully married with the scars, children, and documents to prove it.
My point is, if either of you shows up at a hospital (for example) where the other one is being treated or admitted, you'll never be asked to present YOUR PAPERS!
So, you need not fret, worry, and wonder what to do, because there is nothing you need do.
Love each other, live your lives, and continue to care for each other.
Continue to enjoy your FULL SS benefits without doing a darn thing!
Of course you can each create your wills, trusts, or whatever instruments you wish to leave behind to instruct how your belongings should be dispersed.
As previously said, unless you do marry, don't comingle your cash, or buy a home together, unless you don't care what happens if you ever part company.
As we age, that is less likely to happen, so live your life and just be happy.