A prenuptial agreement can save you a lot of money and time should your marriage end. Often called a prenup, this document lays out how your assets and debts will be distributed should your marriage end.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
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Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
The way in which assets are titled can be vital.
When combining finances as a new family, there’s lots to consider. To make the best choices, here are six key areas to plan ahead and consider.
You may want to consider some financial issues before walking down the aisle again.
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
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Those marrying at older ages should at least consider a prenuptial agreement, since both spouses may come into a marriage with significant assets, children, or both.
