|
|
|
|
|
|
|
|
|
|
|
One of the biggest areas of dispute in estate planning is with second marriages. Here is a question I received. I've changed the facts around so that I am not giving specific legal advice.
Phil,
My dad, age 87, is getting married soon so that his new wife will be eligible for social security benefits on his earnings. In his living trust he had made arrangements for me, my sister, and his lady friend. What changes for us, his kids, when he marries this lady? What do we need to know?
Wow, what a predicament.
My first reaction is to ask if his father was entering into a marital agreement (a pre-nuptial agreement, or pre-nup) before the marriage. What a pre-nuptial agreement will allow is for his father to maintain control over the use and disposition of his estate.
Without a pre-nuptial agreement, the laws of their state concerning marital property will control.
What this means is that if his father dies after he re-marries and fails to modify his estate plan, his new wife may receive statutory claims or benefits from the father's estate (each state is different, so it is critical to receive local advice).
Another area of concern is what happens if the father re-marries and then the wife becomes incompetent? By getting married, the father has opened up his net worth to the medical claims and needs of his new wife.
When I was in active practice and was consulted by a widowed client who wanted to re-marry, I reviewed the rules concerning long term health (nursing home rules and costs) with him. I showed him what he would be responsible for if they were to re-marry. I'd say 8 out of 10 people I saw and went over this with decided not to re-marry after learning the rules. They decided to "live in sin."
Another area of dispute I often saw was when the re-marrying parent wanted to change his or her estate plan to provide for the new spouse. This caused a lot of hard feelings. The children often felt that they were entitled to the estate of the first parent to die and that it should not be held for the new spouse.
By providing for the new spouse, the re-marrying parent is putting his children in a position where they are waiting for their "step-parent" to die before receiving what they felt is rightfully theirs.
So, think twice before re-marrying in your later years. Consult with competent legal counsel and consider, at a minimum using a pre-nuptial agreement. Consider the impact the new marriage will have on your revocable living trust and whether any changes are needed to your estate plan for Medicaid or estate tax reasons.
Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com
** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.
If you do use the material please send us a note so we can take a look. Thanks.
Wind Chimes and more... Any marriage counselor will tell you that one of the... Read More When it comes to choosing a honeymoon destination it's usually... Read More Wedding catering has always been one of the most crucial... Read More Looking for beach theme wedding cake ideas?When it comes to... Read More Brides through the ages have accessorized with wedding jewelry to... Read More It is the maid of honor's duty to organize the... Read More Are you looking for a las Vegas chapel to make... Read More Wedding ceremonies are the stuff fairy tales are made of.... Read More Whether we like it or not current trends in engagement... Read More When your marriage is in trouble and you're fighting to... Read More Often when you are looking for wedding vendors who suit... Read More Every bride would agree that her wedding dress should be... Read More Just as destination weddings are fast growing in popularity, so... Read More If you are in the process of design a wedding... Read More Most brides become obsessed with throwing the perfect wedding. The... Read More A wedding planned in the spirit of nature provides the... Read More How do you handle arguments that lead to heated exchanges... Read More Taking the hassle out of finding your perfect and unique... Read More I recall how Mrs. Ingridman taught me invaluable lessons on... Read More Whether you want to add a little extra romance to... Read More "Extreme age differences between husband and wife may lead to... Read More Believe it or not, there is etiquette on how to... Read More Many spouses carry heavy suitcases filled with a collection of... Read More We've all been through times in our lives when it... Read More Do you remember when there were no children in your... Read More
Windchimes
for great gifts!
How to Enhance and Enrich Your Marriage
A Honeymoon Like No Other
Catering to Your Wedding
Beach Wedding Cakes
All that Glitters?Something Old, Something New...
Bridal Shower Themes
Weddings Las Vegas: Popular Ceremonies
10 Ideas for Perfect Wedding Gifts
Engagement Rings & Celebrities
Marriage Advice: What to Throw Overboard When Your Marriage Is In Trouble
How Is A Professional Wedding Designer Different From Other Wedding Vendors Who Do Event Planning?
Wedding Dresses - How to Select the Best One for You
What Is A Destination Wedding Dress?
Wedding Web Site Design - How to Design a Wedding Site That Others Will Rave About
The Wedding Guests Guide to A Stress Free and Fun Wedding
Wedding Favors That Embrace Nature?s Beauty
Marriage Counseling Tips: 7 Ways to Handle Conflict in Marriage
Online Wedding Dress Shopping!
How to Lower a Wedding Cake Price
Lighting The Way When Two Become One
Extreme Age Differences In Marriage Can Lead To Infidelity
Is Eloping For You?
The High Cost of Resentment and Anger in Marriage
Restore Your Marriage - 5 Ways to Feel Connected to Your Spouse Even on Opposite Schedules
Growing and Connecting with Your Spouse
Homemade wedding favors come from a centuries old tradition of... Read More
He ? or she ? asked, and you answered in... Read More
A person's wedding can be one of the most important... Read More
On Friday, 1st May 1835, Mr Charles Dickens, the creator... Read More
He's popped the question and you're dying to tell someone.... Read More
The wedding shower is a traditional party of the marriage... Read More
When Alicia first met Tim, she found him outgoing, charming,... Read More
One of the most important steps in planning your wedding,... Read More
What about this business of food for lovers? Is it... Read More
Wedding rings are a symbol of union. A union between... Read More
There's no way to absolutely guarantee that your marriage won't... Read More
The key to being a gracious bride is to be... Read More
Ben* has been happily married for 19 years. He recently... Read More
Every woman in the room agreed that Crichton was a... Read More
Often when you are looking for wedding vendors who suit... Read More
1) Write a mission statement:Most brides spend more time planning... Read More
The most important part of planning a wedding is setting... Read More
You've been invited to the bridal shower ? what fun!... Read More
There's an important question that you need to ask the... Read More
This is intended as a guide to help you plan... Read More
Every bride wants to look perfect on her wedding day.... Read More
Wedding receptions are not as formal as they once were,... Read More
For a bride, shopping for bridesmaid dresses can be one... Read More
You have begun to plan your wedding and you want... Read More
This season, a Caribbean honeymoon vacation will give you unlimited... Read More
Marriage & Wedding |