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...]
When a Will Helps and When it Doesn’t Help
If you’re like most people, you may be startled to learn that your will won’t do what you think it should do. A will is effective for naming guardians for minor children, naming an executor, and directing assets titled in your individual name or payable to your estate. A will may not control all property because of the way most property is owned. For example, consider Marv’s will. Marv’s will provides that all of his assets go to his children upon his death because he spouse, his second … [Read more...]
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2020, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
Don’t Accidently Disinherit Your Children
Each and every day, children are unintentionally disinherited and receive nothing when their parent dies. If you’re like most people, this is not what you want. Here are two examples illustrating how children are disinherited. Example One Jim and Susan have a long happy marriage. They have been married for 32 years and have four children, all boys. Jim has a heart attack and dies. He and Susan owned everything jointly so at his death, Susan inherited all of the assets. Several … [Read more...]
Your Estate Plan: Get It Into a Writing or Else
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...]
4 Benefits to Hiring an Estate Planning Attorney
If you want the best estate planning possible, you will need to take extra care when handling your affairs. It can be extremely beneficial to get the help of an experienced and qualified estate planning attorney. He or she will be there to advise you throughout the entire process and help you develop the best plan that meets your needs. Take a look at the following information, to learn more about the 4 benefits of hiring a experienced and qualifiied estate planning lawyer. If you have any … [Read more...]
Estate Planning in the Divorce Context
Most couples enter into marriage with the hope that the union will last forever. As such, couples typically blend assets, name each other as beneficiaries in estate planning documents, and assume the other one will take care of the children in the event of death. Sadly, more than 50 percent of all marriages end in divorce. If you are in the middle of a divorce, or who has recently concluded the divorce process, you may not have considered the impact the divorce has on your estate plan. While … [Read more...]
Special Estate Planning Considerations for Second Marriages
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...]
Why A Will Isn’t the Only Document You Need (part 1 of 2)
If you’re thinking about getting a will, know that it may not be your best option. A will allows you to have control over future decisions. However, you should know that it’s important to consider other planning techniques, in addition. A will is not the only planning tool that you need. Take a look at the following information, to learn more. If you have any questions, contact an estate planning attorney. You can’t plan for incapacity. Your will is only effective after you die, … [Read more...]
