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...] about The New Profession: Waiting for Wealth
Blended Families
Why Your Former Spouse May Still Receive Your Life Insurance or Retirement 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...] about Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Estate Planning and Your Children’s Divorce (Now or Later)
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 … [Read more...] about Estate Planning and Your Children’s Divorce (Now or Later)
Divorces Continue 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 recent 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%. … [Read more...] about Divorces Continue Into Retirement Age
Estate Planning for Blended Families
Estate planning for blended families involves navigating the unique dynamics and ensuring that all members are considered and protected according to your wishes. Here are the key aspects to focus on. Understanding the Complexities Blended families often include children from previous relationships, stepchildren, and sometimes new children from the current marriage. This complexity requires a careful approach to ensure that all family members are treated fairly and according to your … [Read more...] about Estate Planning for Blended Families
Will The Government Inherit Your Estate?
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 … [Read more...] about Will The Government Inherit Your Estate?
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...] about Second Marriages, Estate Planning, and Prenuptial Agreements
Who Should Be Your Child’s Guardian?
A well constructed estate plang will not only addresses the distribution of your assets, but can also nominate a guardian for minor children. While there are legalities to consider, it’s important to remember that you are also determining the quality of your children’s lives if you die before they reach the age of 18. Many parents understandably have a difficult time imagining their children without them. But they need to consider many factors for guardianship, including: Type of … [Read more...] about Who Should Be Your Child’s Guardian?
Married People Don’t Need Estate Plans, Right?
No way! Married people need estate plans. Some folks think that because they own assets jointly with a spouse, they don’t need an estate plan. In fact, joint ownership is called a “poor man’s estate plan.” In reality, it should just be called a “poor estate plan.” Joint tenancy ownership is riddled with perils. Likely, the most serious peril is the unintentional disinheritance of your children. Sadly, it happens too often because of joint ownership. This is what can happen when you … [Read more...] about Married People Don’t Need Estate Plans, Right?
Estate Planning for Blended Families: A Necessity
With over half of all marriages in America ending in divorce, it is no surprise that the number of blended families has also steadily increased over the past few decades. If you are one of those people whose is planning to remarry in the near future, you are likely concerned about how to create a successful blended family. Often, the partners in a blended family bring with them children from previous relationships as well as assets and debts. Discussing your financial strategy with your future … [Read more...] about Estate Planning for Blended Families: A Necessity
