Protecting assets in a second marriage can be a challenge. Parents in second marriages may want to leave assets to their children and try to make sure that their stepchildren don’t inherit. However, if stepchildren inherit, it can create resentment leading to legal disputes that can cost the estate significantly in delay and attorney fees. AOL’s recent article, “How to Protect Assets From Stepchildren,” says that taking specific estate planning steps will let you effectively protect your assets from stepchildren. If a stepchild inherits some of your assets, your children may feel cheated out o ..read more

Blended families have estate planning challenges differing from traditional families, explains a recent article from The Record Courier, “Estate Planning for Blended Families.” A blended family is one where one or both partners have children from a prior marriage. The details vary, but the concern is the same: the possibility for the children to be disinherited if after one spouse dies, the surviving spouse reduces or eliminates any provisions made for the deceased spouse’s children. Protecting inheritances in a blended family becomes a major priority. A well-drafted estate plan, created by an ..read more

Seniors in particular think about remarrying with an understandable degree of concern. Maybe your last relationship ended in a divorce, or there’ve been too many dating disasters. However, according to a recent article from MSN, “Planning to remarry after a divorce? 6 tips to protect your financial future,” there are some steps seniors should take before remarrying to make relationships easier to navigate and protect your financial future. Not all of them are easy, but all are worthwhile. No marrying without a prenup. Who wants to think about divorce when they’re head-over-heels in love and pl ..read more

Vigour Times’ recent article entitled “Here’s Why Married Couples Might Want To Sign A Postnuptial Agreement” looks at the situations that might prompt a couple to prepare a post-nup. For example, married couples may need to adjust a pre-nup they signed before they were married. They want to make certain the new terms are based on the things that have occurred since that time. Changes in marital dynamics can trigger a change in the terms of a pre-nup. For instance, couples may not have thought that one spouse would begin to earn a lot more than the other or that, as the marriage endured over t ..read more

A Prenup is a useful tool in your estate planning. Forbes’ recent article entitled “Prenuptial Agreement: What Is A Prenup & How Do I Get One?” explains that a prenup contemplates the end of the marriage, so the couple can divide assets with an objective mindset. A prenup can even help protect a business. Prenups allow you to determine if alimony will be due if the marriage ends, as well as the amount and terms of those payments. A prenup can also say what kind of bequests you leave to each other in your will. It can also be good for couples trying to keep separate significant pieces of pe ..read more

Today, a blended family is more common than ever, with stepfamily members, half-siblings, former spouses, new spouses and every combination of parents, children and partners imaginable. Traditional estate planning, including wills and non-probate tools like transfer on death (TOD) documents, as valuable as they are, may not be enough for the blended family, advises a recent article titled “Legal-Ease: Hers, his and ours—blended family estate planning” from limaohio.com. Estate planning is critical for blended families. Not too long ago, when most people didn’t take advantage of the power ..read more

High-profile cases like the Bezos or the Gates should cause many people to consider how to separate their business and marital assets that are tied together. You need to have plans in place from the beginning. No one thinks their partnership will end. However, it’s necessary to have a plan in place, just in case. The Dallas Business Journal’s recent article entitled “Does your business need a prenup?” explains that there are three typical outcomes when married couples working as business partners decide to end their relationship: One individual buys out the other partner’s shares and continue ..read more

In first marriages, working together to raise children can solidify a marriage. However, in a second marriage, the adult children are in a different position altogether. If important estate planning issues are not addressed, the relationship between the siblings and the new spouses can have serious consequences, according to a recent article titled “Into the Breach; Getting Married Again?” from the Pittsburgh Post-Gazette. A second marriage can complicated estate planning. Chief among the issues center on inheritances and financial matters, especially if one of the parties has the bulk of the ..read more

There are some important financial decisions that need to be made before you get hitched. One of them is whether you should get a prenuptial agreement (“prenup”). This isn’t the most romantic issue to discuss, especially because these agreements usually focus on what will happen in the event of the marriage ending. However, in many cases, having tough conversations about the practical side of marriage can actually bring you and your spouse closer together. It might be wise to consider a prenup in your estate planning as well. JP Morgan’s recent article entitled “What to know about prenups befo ..read more

When one of the spouses dies, the surviving spouse can make what is known as a portability election. This means that any unused federal gift or estate tax exemption can be transferred from the deceased spouse to the surviving spouse. Portability can be used to protect the family farm. Ag Web’s recent article entitled “It’s So Important to Elect ‘Portability’ for Your Farm Estate” explains that this is an election that has to be made proactively, after the death of the first spouse. You’ll have to file a Form 706 federal estate tax return within two years of death at the latest, even though the ..read more