From: www.forbes.com
Getting married for a second time is fairly common. But the financial and estate planning issues that result from remarriage can be anything but.
In second marriages the complications and challenges created by blended families multiply.
Here are a few of the financial, legal, and estate planning issues to keep in mind :
From: wealthmanagement.com
2016 was a typical year in that, unsurprisingly, families continued to fight over estates.
Note that this is just a sample of some of the major dust-ups. That being said, the following are what I believe to be some of the major estate disputes that graced the headlines this past year.
Pop artist Prince died in April 2016 without a will. I previously wrote a blog…
From: businessinsavannah.com
No wife, no kids, no need for an estate plan, right?
Wrong.
Estate plans are actually more important for single people than their married counterparts.
If a married person dies without a will, or intestate, that person’s assets generally pass on to their spouse, which is likely what they would have chosen anyway.
But if a single person dies intestate, the distribution…
There’s nothing that can prepare you for the loss of the spouse. Whether it came as the result of a long illness or happened suddenly, losing your spouse can leave you devastated and confused as what your next steps should be.
To make the process a little more bearable, it’s wise to have a checklist available to guide you through the process. Staying focused will keep you calmer, and can save you time and money….
From: aefonline.org
LEGACY. It’s more than assets left in a will. It is the values and qualities that accompany those assets and endure across future generations. Family legacies are not something built by parents and then passed to their heirs when the time comes, they are built by families working together to embrace and express a shared family ethos.
Engaging the next generation in…
From: fa-mag
Many Americans regret the risks not taken in life, according to Allianz Life Insurance Company of North America, but they may have time to make up for it.
As the average American lives longer — up to 30 years longer than 100 years ago — nearly a third of Americans wish they had done something different with the time they…
More than half of all marriages end in divorce, of these 75% will marry again. Of these, 65% of the remarriages will involve children. These facts can present some unique questions in estate planning. Either or both spouses could have been married, gotten divorced, and have children from a previous marriage.
Estate planning in the new age of the blended family is challenging, and extremely important. Without a solid estate plan, you have no way…
From: wealthmanagement.com
A revocable trust-centered estate plan offers many benefits a plain old last will and testament can’t.
A revocable trust-centered estate plan offers many benefits a plain old last will and testament can’t. Trust-centered plans are better for clients and make your work easier. Understanding the benefits of trust-centered planning will position you as the trusted advisor who can spot the issues…
From: retirementestateplan.com
Recently, I had the pleasure of meeting and listening to Julie Lythcott-Haims, the author of the bestselling book, How to Raise an Adult.
Her message is one of how affluent parents do their children a disservice by thinking of them as “kids” past a certain age and undermine their self-efficacy by doing things for them rather than expecting and trusting them to…
From: wealthmanagement.com
Former NBA star Lamar Odom was hospitalized Tuesday after being found unconscious in a Nevada brothel, according to major news outlets.
An already odd story took an even stranger turn on Wednesday when news broke that the now-comatose Odom’s ex-wife, Khloe Kardashian, was responsible for making his medical decisions. It turns out that although the couple signed divorce papers in July, the backlog in…
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