With people living a lot longer than in the past, the rate of recurrence of remarriage is increasing, even in later years. This latter trend is raising a bunch of elder law estate planning issues.
Below are a few of the main element issues and potential solutions for planning second marriages.
1. The period of the second (or third) marriage as well as the comparative financial positions of the parties. Recently a customer came up to see us whose partner has early on Alzheimer's. His IRA called his children as beneficiaries many years ago. To get help regarding estate planning, you can also consult Estate Planning Attorney In Los Angeles, Pasadena, Rosemead, San Gabriel, Arcadia, Rowland For Wills.
2. Inside our experience, significant amounts of thought should get to what the kids of the first relationship will get should their parent be first of the couple to die.
3. The usage of trusts is often an important tool where in fact the surviving partner needs a lot of the combined estate to endure on. Here, the problem becomes how to ensure that the predeceased spouse's children will get their fair talk about on the making it through spouse's death. You can also click here and know more information regarding estate planning.
4. The estate planner must consider any prenuptial arrangement as well as any responsibilities to children arising out of a divorce decree.
5. Long-term care commitments are actually intimidating to numerous lovers later in life. A good prenuptial arrangement providing that the spouses' properties are separate and they have no obligations to the other person is not binding vis-a-vis Medicaid.
6. For wealthier couples, one spouse may decide to look after his / her less well-offs partner for their lifetime but then possess the unused cash revert with their natural family. Here a QTIP (Qualified Terminable Fascination with Estate) trust may be set up for the making it through the spouse that will (a) give a lifetime income, (b) delay, reduce or often eliminate estate taxes, and (c) protect the inheritance for the kids of the predeceased partner.