Sometimes you have to confront delicate subjects head-on, and with this in mind we would like to look at estate planning techniques for people with children who are getting remarried.
It takes a lifetime to accumulate the assets that comprise your estate. In many cases it takes more than one lifetime because you may have inherited money from your own grandparents and/or parents by the time you make this decision to remarry.
While you may be very much in love you probably accumulated these resources without the assistance of your spouse-to-be.
Obviously when you feel as though it is time to get remarried you are very optimistic about the future of the relationship. However, the pragmatists among us would do well to understand the facts.
According to an article that appeared in Psychology Today last year 67% of second marriages don’t last, and 73% of third marriages do not withstand the test of time.
Given these odds if you are a parent entering a second or third marriage you may want to take certain steps to protect yourself and make sure that your children are provided for come what may.
One possible course of action would be to enter into a prenuptial agreement and subsequently create a qualified terminable interest property trust.
With the prenuptial agreement you define your personal property entering the marriage. With a QTIP trust your surviving spouse receives distributions from the trust throughout his or her life. But, beneficiaries that you name when you create the trust (presumably your children) inherit the resources after the death of the survivor.
- Beneficiary Designations and Other Non-Probate Transfers - February 24, 2020
- Estate Planning Conference DiscussesSECURE Act and More - February 17, 2020
- The SECURE Act and What It Means for You - February 10, 2020