Married couples in California who want to create an estate plan will have to think about a variety of issues together. When a single person develops an estate plan, he or she doesn't necessarily have to coordinate with anyone else about the choices the plan addresses. Married couples, on the other hand, should make it a point to speak to one another about these essential topics while they craft a plan. If you are married, or are considering becoming married, here's what you should consider when … [Read more...]
If You Don’t Want to Make an Estate Plan: Think of Your Family
Estate planning is something that many people know about, but far too few actually go about doing. The fact is, making an estate plan is often a very difficult thing to do because it requires you to think about uncomfortable realities and possibilities. If you find yourself having a difficult time getting started with the process, you might want to focus on the potential benefits that estate planning can have for your family. Your Young Children If you are a parent with a minor child, your … [Read more...]
Estate Planning Issues for Second Marriages
Married couples in which one or both of the spouses have been previously married, or where they bring children from previous relationships, often face estate planning questions that are different than those other couples have to answer. Like every marital issue, adequately navigating the estate planning issues you face requires both you and your spouse to be open, honest, and communicative about your desires and your choices. It’s important to remember that each of you has control over your own … [Read more...]
Inheritance Planning When Children Divorce
If you are creating an estate plan and want to leave that inheritance to your grown children, there are a number of ways you can do it. However, an inheritance plan can be thrown off by a child who gets divorced after receiving the inheritance. Many parents do not want to see the inheritances they passed to their children become diluted by being divided between a child and the child’s former spouse. In California, divorcing couples will divide community property equally between them unless they … [Read more...]
The New Profession: Waiting for Wealth
There’s a new gig in town for some members of the Baby Boomer generation: waiting. No, not waiting tables. That’s not new. This kind of waiting has a much more macabre air about it since it describes people who are waiting for their inheritance in order to get wealthy. That’s right; they’re waiting for someone to die – usually their parent(s) – so that they can inherit the golden nest egg. The unfortunate fact for these “waiters” is that the family landscape has changed. People are living … [Read more...]
Why Your Former Spouse May Still Receive Your Life Insurance Benefits
Believe it or not, your former spouse may still receive your life insurance benefits, instead of your current spouse, when you die. Although the idea that someone you divorced years ago might receive your life insurance benefits, instead of the person to whom you are currently married, seems rather nonsensical, the law does not always adhere to common sense. Why does this occur? When a couple gets divorced there are a great many thoughts and turbulent emotions swirling around in one’s head, as … [Read more...]
When Should I Update My Estate Plan?
They say that one thing leads to another, and this is certainly true when you are engaged in the process of estate planning. Indeed, the word “process” is something to absorb because being optimally prepared at all times is an ongoing endeavor. With this in mind, let’s take a look at the top three reasons to update your estate plan. Marriage, Divorce & Remarriage An update to your estate plan is going to be a natural accompaniment to any change in marital status. In fact, you may want to … [Read more...]
Second Marriages, Estate Planning, and Prenuptial Agreements
While you may know that your estate plan should contain, at a minimum, a will and advance medical directives, you may also need to consider a prenuptial agreement as well. Prenuptial agreements, also known as premarital agreements or “prenups,” are contracts that prospective spouses enter into before they get married. These agreements can be a very important part of your estate plan, especially if you already have children from a previous relationship or are entering into a second … [Read more...]
The Government Will Not Inherit Your Property – 3 Facts About Escheat
There are several myths and misconceptions surrounding estate planning that sometimes pop up. For example, some people believe that the state of California will inherit your property if you don't make a will or create some kind of estate plan. While this is possible, it is very rare. The process through which the state inherits someone's property is called escheat. Let's take a look at it and why it rarely happens. You can choose who inherits your property. In order to pass on your property … [Read more...]
Boomers Continue to Divorce Into Retirement Age
While the likelihood that a marriage would end in divorce has decreased slightly over the last several years, the number of Americans age 50 and older who are getting divorced is now at its highest level ever. A new study from researchers at the National Center for Family and Marriage Research shows that senior divorces have increased by 50% over the last several decades In 1970, about 13% of people between the ages of 46 and 64 were divorced. By 2010, that number had reached almost 33%. More … [Read more...]
