There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
If the estate is large and complicated, the assistance of an accountant may be needed. The deceased’s estate lawyer may also need to be involved.
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.
A formal probate process involves specific, usually straightforward steps. Issues that may arise during the process can lengthen the time it lasts until it is closed by the court.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
Nobody likes thinking about what happens if they should become incapacitated or die. However, we all need to have a plan in place for just these possibilities.
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