If you’re a partner (or possibly a second or later spouse) in a situation like Tomi Rae, there are many steps you can take to avoid the problems and legal entanglements that are facing Brown’s estate: Write a will that clearly explains what your partner will be left, what her rights are, and so on….
If you are in the process of a divorce, a final conclusion can be a years off. During this wait, be sure to update all of your estate planning documents in light of your new situation. For example, name persons other than your ex-spouse to be agent. Secure resignations of your ex-spouse’s family as fiduciaries….
Still picking rice out of your hair? Your new marriage means it’s time to review and revise all of your planning: Investments: Marriage means combined incomes, a different risk profile, and new planning objectives. As newlyweds review your overall financial goals and objectives, and revise all of your investments accordingly. Current Investments: As newlyweds, you…
Anna Nicole Smith, widow of 89-year-old Billionaire J. Howard Marshall, continues her battle for a piece of his estate. The Supreme Court recently ruled in favor of Anna Nicole, and she will likely have a new hearing in front of a lower court to address the substantive issues of her case. Although everyone is focused…
Seniors seem to be divorcing with greater frequency. Divorce is different for seniors than for younger married couples. The issues of visitation and child support that dominate divorces of many younger couples aren’t applicable as seniors, and have different issues to deal with. Here are some of the different nuances that seniors should consider: Homes:…
Many people think you must have a legally enforceable obligation to pay alimony in order to claim a tax deduction. This would mean that the court ordered payments to be made to one’s ex-wife, and in addition, that the payments be included in the ex-wife’s income. But, what if it specified that the payments were…
What is it: A pre-nuptial agreement is a financial agreement drawn up between a couple before they get married. Standard Use: Pre-nups are a protective mechanism for your assets if your new marriage doesn’t succeed. Tailored Use: A pre-nup can also be used to supplement your asset protection planning. For instance, it can mandate separate…
My ex husband died 5 years ago. He left my girls something in his will. We just found out a week ago. His new wife told the judge that she could not find them, but she called and wanted them to sign papers on insurance and about the house. She told her sister-in-law that my…
Brokerage Account Titles: Doe Big Brokerage Firm [name omitted] have a beneficiary designation form to fill out? I was told no. Do I need a transfer on death or pay on death account? What do I do? Nothing is to go to my immediate family as far as any assets I have now. Also, I…
Death while Divorce Pending: Does a petition for the dissolution of marriage affect a living trust if the creator of the trust dies before the final decree of dissolution of marriage? Will the surviving spouse still get what was left to him under his wife’s living trust?