Each estate planning situation is unique, and there are various different solutions that can be implemented to match the circumstances in question. Trusts are often part of the equation. There is a type of trust called a QTIP trust that can be useful for those who are getting remarried after having children from a previous marriage. In this post we will provide some basic information about QTIP trusts. (The QTIP acronym stands for qualified terminable interest property.) Estate Plan … [Read more...]
Consider the Odds When Getting Remarried
It is useful to consider the odds when you are getting remarried after having been divorced. There are various different theories with regard to why it is so, but a high percentage of divorced people who get remarried wind up getting divorced again. The majority of second marriages fail, and almost 3 out of every 4 third marriages do not withstand the test of time. Most people who get remarried after divorcing have children. From an estate planning perspective you have to consider the … [Read more...]
The Value of Post-Marital Agreements
Premarital agreements can be very useful from an estate planning perspective. This is particularly true for people who are entering into second or third marriages after having children from previous marriages. If you simply allow all assets that you bring into the marriage to become community resources you are doing nothing to protect the interests of your children. There are no guarantees with regard to what your spouse would choose to do with the assets if you were to die first. He or she … [Read more...]
Make Necessary Estate Plan Adjustments When Remarrying
Estate planning is an ongoing, dynamic process. As relevant life events take place your existing estate plan must be updated. If you go even a single day without a properly constructed estate plan you are taking a significant risk. And, you will not be around to suffer the consequences. It would be your family members who would pay the price. Getting remarried is one of these life-changing events that can trigger the need for some estate plan adjustments. One thing to consider will be the … [Read more...]
Indianapolis Estate Planning Seminars
Free advice can be a bit dangerous to accept under certain circumstances. However, sometimes genuine expertise is available to you in a readily accessible and cost-effective manner. Just such an opportunity is presenting itself over the next couple of weeks here in the Indianapolis area. Our firm is going to be presenting some very informative seminars throughout the month of September and we would like to invite all of our readers to attend. At our seminars you will find out about how … [Read more...]
Late Artist Kinkade's Wife, Girlfriend at Odds
Estate planning lawyers are always going to remind their clients about the need to make the appropriate estate plan revisions. There are certain life changes that make updates necessary, and one of them is a change in marital status. We can often gain insight into the pitfalls that go along with a lack of proper planning when we hear about celebrity cases. With this in mind let's take a brief look at the estate of the deceased artist Thomas Kinkade. Kinkade, the so-called "Painter of Light," … [Read more...]
Children, Wife of Shelby at Odds
The legendary race car driver and automobile designer Carroll Shelby passed away in May and the news reverberated sadly throughout the automotive community. Shelby was larger-than-life and though he left us at the age of 89, his legacy will persist into perpetuity in the form of his automotive masterpieces. Shelby left behind a widow named Cleo, who was his seventh wife. Cleo feels as though she is in possession of valid advance directives that give her the right to dispose of her late … [Read more...]
Keep Your Plan Up-To-Date
Estate planning lawyers will tell you that even young adults should have a basic estate plan in place. Executing a vehicle of asset transfer along with the appropriate advance health care directives is a must for all responsible people. However, the estate plan that is appropriate for you when you land your first career position is not going to be sufficient as things in your life begins to change. The suggestion here is to be proactive about always keeping your estate plan up-to-date. As … [Read more...]
Marital Agreements Can Provide Legacy Planning Solution
Regardless of the specifics of your family situation estate planning is something to take seriously and be proactive about. However, when you are a parent who is divorced and you intend to remarry you are probably going to want to engage in some rather advanced estate planning that requires additional expertise. We live during an era when divorce is quite common. Statistics on the subject vary, but somewhere in the vicinity of 40% to 50% of marriages are ending in divorce these days, and most … [Read more...]
Estate Planning When You Divorce
Having a solid estate plan is important, no matter what your age or situation, but when someone divorces, it is extremely important. Divorce is an ordeal, even under the best of circumstances, but it is important to remember that not only will a divorce cause problems within your family; it can also make a mess out of your estate. When you divorce there are a number of details that you must pay attention to. The first is dividing all of your assets according the agreement of your divorce. … [Read more...]
