|
Home / Legal
Estate Planning – Considering a Second Marriage Late in Life
By:Ronald Hudkins
Copyright 2006 Ronald Hudkins
As the life expectancy of people in the United States increases, the reality of second and third marriages becomes more likely even for those who tend to marry for a long time if not until the death of their first spouse. Widows and widowers are increasingly likely to meet and decide that a second marriage is an excellent way to avoid spending their autumn years alone and that love is not the exclusive province of the young. It is often a surprise to adult children to meet the boyfriend/girlfriend or husband/wife of their elderly parents.
However, remarriage later in life creates a unique set of legal questions that those who are getting married don’t often think through. For example, many older clients take it for granted that their adult children will inherit from them when they pass away, because the majority of their property and life has been spent with their previous spouse who was often a co-parent to those children and the one who helped to build or sustain the family assets. But, a new marriage means that the marital property is governed by the laws of the new marriage. Absent any prenuptial agreement, the surviving spouse would, in most jurisdictions, receive at least half of the marital assets, which means that the adult children from the first marriage might be in for a big surprise if they think the family home that their family has owned for years will become theirs.
Another problem is that as people get older they often move to places where it is warmer. This means that they move to states where they have not traditionally lived before and these states not only have different (warmer) climates, but different laws as well. If they spend the colder months (or the entire year) in these states, it becomes increasingly likely that they will pass away in these states. But, are the laws of the state in which they pass away the ones that control the transfer of their assets or do the laws of where they have lived most of their lives control that transfer? If they have a will, then this question becomes even more complex. Often the real property (real estate) assets are governed by the laws of the state in which they sit, whereas the personal property (bonds, stocks, money, possessions) are controlled by the laws of the state that is their final residence.
The problems that are created by second marriages should not be taken lightly. It is important to talk these things through with your future spouse because, chances are, they want to make sure that their adult children get their assets upon their passing just as much as you do. If you don’t have a frank discussion with your would-be spouse, you may end up causing all those whom you love a great deal of heart ache and confusion as they struggle to figure out what would be best and what you would have wanted. This happens every day -- earnest people do their best to honor their deceased loved one, but honestly and simply disagree about what he/she would have wanted; a situation further complicated by those who just want to fight for any dollar they can get.
Consult with an attorney who can help you set up an agreement waiving certain marital rights that may be tailored toward married couples who start out together, rather than those who meet later in life’s journey. Be prepared to be honest and up front about what you want and ask your attorney what kinds of problems they commonly see with respect to estate planning and autumn romances and how they think such problems are best avoided. Your attorney will have plenty of good ideas that will ultimately help you safe-guard the important people in your life.
Digg
del.icio.us
Blink
Stumble
Spurl
Reddit
Netscape
Furl
Article keywords: widow, widowers, remarriage, inherit, assets, real property, personal property, marital rights, attorney
Article Source: http://www.articles2k.com
About Ronald E. Hudkins;
Ronald Hudkins is a retired U.S. Army Military Police member that was assigned as a staff researcher. He has coordinated with military and criminal investigators, set on court marshals and worked closely with the Staff Judge Advocate Generals Office (JAG). He has a keen sense of legal matters - their interpretation, initiatives and guidelines. For imperative financial planning needs he suggests his book “Asset Protection and Estate Planning for All Ages.” Additionally, he offers a Free Newsletter, Articles and a Financial and Tax Newsfeed at his web site: www.AssetProtectNow.com
|
|
| Top Legal Articles |
- 1). how to defer jury duty By : Phil Wiley
Let’s face it. Jury duty can be a drag, but most of all it’s not always convenient when we’re called up to service. So how can you defer jury duty?
|
|
|
- 3). The New Bankruptcy “Means Test” Explained in Plain English By : Charles J. Phelan
With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion regarding the new "means test" requirement. The means test will be used by the courts to determine eligibility for Chapter 7 or Chapter 13 bankruptcy. The purpose of this article is to explain in plain language how the means test works, so that consumers can get a better idea of how they will be affected under the new rules.
|
- 4). Estate Planning - No Contest Clause in your Will By : Ronald Hudkins
Copyright 2006 Ronald Hudkins
There is value in the story of an older client who had seen a very interesting clause employed in a will. There was a great deal of money at stake and the many family members had little reason to love each other, because they had never met and never knew of each other’s existence. It was expected that the will would be heavily contested on several different fronts in every conceivable way.
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Legal Articles |
- 1). Personal Injury Compensation Claims By : Julian Hall
Not all accidents lead to legal proceedings, however if there are no serious injuries, you may be entitled to recover damages for property and other expenses from the third party. The likelihood of legal proceedings will usually rest on the quantum, or the amount of financial damage which has ensued from the accident.
|
|
|
- 3). California Contractor License Bond By : Seth Miller
Before a contractor can receive a contractor’s license in California, the contractor must register with the California Contractors State License Board and pay a Contractor's License Bond or a cash credit.
In the event of a contractor's license getting suspended or annulled due to a breach of the Contractors License Law, the contractor must file a disciplinary bond with the CSLB.
|
- 4). Montana Child Support the Treasure State By : Holcy
Montana Child Support
How do you know if you qualify for child support? Child support is available to all single parents in need of financial assistance from the non-custodial parent. In order to receive child support services, you must first fill out an application with the state of Montana. When apply for child support, there will be a non-refundable application fee.
|
- 5). Criminal background check By : Stanley Alpin
Background checks are a useful screening and selection tool for companies. Of the many types of background checks, criminal background checks are routinely carried out by employers to ensure that they are not courting a risk of physical and mental trauma. In fact, in several states in the U.S, criminal background checks are compulsory for prospects who apply for positions in places such as nursing homes, educational institutions, and adult care centers.
|
- 6). Employment background check By : Stanley Alpin
Employment background checks are becoming increasingly common these days. The reasons for this include the fact that negligent hiring lawsuits that result from the actions of an errant employee can damage a company’s credibility and lead to hefty fines; companies have become more selective in their choice of employees following the threat of terrorist activities; accepting a resume at face value has resulted in many companies wasting time and money due to frequent hire-and-fire situations.
|
- 7). How an employee background check works By : Stanley Alpin
Over the past few years pre-employment background checks have gained significance for employers big and small. Companies can either execute the required activities in-house or can outsource them to human resource companies that specialize in carrying out background checks.
There is a lot of paper-work, co-coordination, and follow-up that goes into conducting a background check and for this reasons companies prefer to get the job done by an outside agency.
|
- 8). Is an instant background check even possible? By : Stanley Alpin
Given that there are more than 12 million illegal immigrants in the United States and that information on U.S citizens is scattered across various databases all over 3,142 counties, it is safe to conclude that an instant background check is not possible at present. Yet, there are innumerable companies that purportedly offer instant background checks.
|
- 9). What shows up on a criminal record background check? By : Stanley Alpin
A criminal record background check can throw up a lot of information on an individual including previous arrests as well as conviction and non-conviction information. The information is obtained from Federal Fugitive files, files from the Department of Corrections prison, state criminal records, databases on sex offenders, and prison parole records.
|
- 10). Offshore Trust - Effective Estate Planning, You Decide By : Ronald Hudkins
Copyright 2006 Ronald Hudkins
The creation of offshore trusts and other financial plans is a way of shielding your assets from the laws of the nation in which you reside. It can sometimes be used to remove one of the two certainties of life; taxes. Americans are far less likely than the citizens of other countries to put assets abroad because, although when you receive the benefits of being free of your country’s laws regarding assets (namely taxation) you also lose the aspect of those laws that are designed to protect your assets.
|
|
|
