
Estate Planning and a Second Marriage
Married people in second marriages with prior children often have to balance the future well-being of their spouse with that of their own children.
Married people in second marriages with prior children often have to balance the future well-being of their spouse with that of their own children.
Inheriting a residential property like a house marks the end of a life and the beginning of deciding what to do with the property and implementing that plan.
When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.
While no one is ever ready to lose a loved one, proper planning in advance of a loss may help ensure that finances may be one less concern during such a trying time.
After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.
Gifting stock to family members may lack the pizzazz of leaving a luxury car adorned with a bow in the driveway, but it’s a gift that can add value to their lives long after most other gifts have been forgotten.
Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
Depending on your family situation and the value of your estate, forming a trust can be an important addition to your farm transition plan.
If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.
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