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.
You may want to consider some financial issues before walking down the aisle again.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
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?
Modern trusts can be drafted, and existing trusts can be modified, to provide flexibility allowing a family the ability to navigate an unknown future and preserve family legacies intergenerationally.
The Estate of The Union Episode 13: Collision Course – Family Law & Estate Planning is out now! There is a dangerous intersection at the
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will. It is important to revise your will at these times, in order to ensure that your estate planning is up to date.
What happens at your company when a shareholder dies or becomes disabled, or wants to leave? These are just two of the potential scenarios that can be properly addressed with a buy-sell agreement.
