At 4 Years Old Xan You Change Childs Last Name Estate Planning For Second Marriages – Thoughtfulness Required

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Estate Planning For Second Marriages – Thoughtfulness Required

With people living longer than ever before, the number of marriages is increasing, even in the coming years. What happened next is raising a host of senior law enforcement issues. On the other hand, we also see with many times mixed families with “his, her and their” children, creating another problem.

Most of these estate planning problems can be solved with forethought on the part of the recipient and the compassion of their estate planning attorney.

Here are some important issues and solutions for planning for a second marriage.

1. The time of the second (or third) marriage and also the relative financial position of both parties. Recently a client came to see us whose husband had early stage Alzheimer’s. His IRA named his children as beneficiaries years ago. The couple has now been married for thirty-five years and the wife will suffer without her husband’s IRA. Hopefully, the husband can understand the situation and change. One option: the husband can leave his IRA to his wife on the condition that he names his children as beneficiaries on his death.

2. In our way, we must think a lot about what the children of the first marriage will receive if their parents are the first spouse to die. By looking at the problem from the perspective of the heirs, we can often give a fair claim on part of the estate, or name them as beneficiaries of the insurance policy, so that they feel that they are loved and cared for by their parents and not relegated to an inferior position. This is especially important if the parents are married to a younger spouse. Needless to say, this will also affect their future relationship with their surviving parents. Unsurprisingly, this area alone has led to a lifetime of pain and suffering for many children of married parents.

3. Using a trust is often an important tool where the surviving spouse needs the majority of the joint assets to survive. Here, the problem is how to guarantee that the spouse before the children will receive their justice for the surviving spouse’s death. Generally, we set up one trust if the estate is not subject to estate taxes, or two trusts if needed to reduce or eliminate estate taxes, and make both married co-trustees of the trust. The religion provided balance between him and his family after the second death. What prevents the surviving spouse from stealing the trust and giving everything to his child? In general, we recommend that a professional co-trustee work with the surviving spouse, to prevent this from happening.

4. The estate planner must determine the pre-existing agreement as well as the obligations to the children arising from the divorce decree. These have to be changed after many years to reflect the current situation which may have changed a lot. For example, after many years a spouse usually wants to give the right of survivorship in the marital home to the other, if he is the survivor, something prohibited in the The prenuptial agreement was drawn up many years ago.

5. Long-term caregiving responsibilities have proven to be a threat to many couples later in life. Even a prenuptial agreement that separates the spouses’ assets and that they have no financial obligations to each other has no effect vis-a-vis Medicaid. Medicaid considers the joint assets of the spouses to be available for the care of the sick spouse, regardless of their title. Therefore, the need, the money and the availability of long-term insurance are often things to consider in a second marriage.

6. For parents who have rich money, a spouse may want to take care of his spouse for the rest of his life but then there is money that is not spent back to their family. Here a QTIP ( Qualified Interest in Property ) trust will be set up for the surviving spouse, which will (a) provide income for life, (b) defer, reduce or generally eliminate estate taxes, and (c) protect inheritance for children of the first spouse.

As you can see, with a little thought of your work and the help of an experienced real estate lawyer, often gleaned from hundreds of people, two couples able to “do the right thing” for all concerned.

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