If you are in a second or third marriage and have children from previous relationships, very careful estate planning is necessary to keep the peace while you’re alive and avoid litigation after your death. Tips for Using Estate Planning to Keep the Peace in a Second Marriage Communicate. Let your loved ones know that they are protected by and provided for in your estate plan. Update. Update your estate planning when your family changes. Honor Prenuptial Agreements and … [Read more...]
How Not to Unintentionally Disinherit Your Children
When asked if they are going to disinherit their children, most folks reply, “Of course not.” However, many of them do, unintentionally. The Perils of a Blended Family Unfortunately, the unintentional disinheritance of children happens every day. It usually happens in blended families, which are comprised of second, third, or even forth marriages and children from previous relationships. No matter what promises are made or understandings are had, a spouse that is not the parent of all … [Read more...]
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...]
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...]
Estate Planning Issues for Married Couples
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...]
