A life estate is a type of property ownership or tenancy that grants an individual the right to use and enjoy a property for the remainder or their life. It gives an ownership interest to someone else.
A joint and survivor annuity provides lifetime income payments for an annuity owner and their survivor. You contribute a lump sum of money to the joint and survivor annuity and can usually start receiving income almost immediately.
While couples might sign a prenuptial agreement before they’re married and a “post-nup” after, it’s more than just the timing that differentiates these arrangements, experts say.
A SLAT is an irrevocable trust set up while both spouses are still alive, in which one spouse is the designated beneficiary of the other spouse.
The intent of the laws and regulations is to allow the community spouse to have enough income and assets, so that he or she has enough income and assets to continue to live at home, whether that be a home, an apartment, or other living place.
No one enters a relationship — be it personal or business — thinking it will fail. However, what happens when it does?
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Signing a prenup doesn’t indicate that you don’t have faith in your marriage, just like buying car insurance doesn’t mean you expect to get in a crash.
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
