ESTATE PLANNING AND SECOND MARRIAGES
Estate planning for second marriages can be complicated especially when we add separate kids and assets to the equation. So how do we do this in the most protective, compassionate way for everyone?
HOW DO WE DO ESTATE PLANNING FOR SECOND MARRIAGES?
The first step to planning with second marriages, with separate kids and assets, is to have a meeting with the couple and find out their goals for estate planning. For example, I have a couple on their second marriage and one has kids and much more money than the other spouse. They will benefit greatly from the unlimited spousal exemption tax law, but giving the money or assets outright to a spouse will prevent the ability to plan for the other’s heirs.
WHAT ARE THE OPTIONS IN SECOND MARRIAGES?
There are many different ways to create estate planning for second marriages. One way is to leave everything to the other spouse. Another strategy is to leave everything in trust for the kids or grandkids and allow the trust to be used for the spouse’s benefit during life for health, maintenance, comfort, etc. Finally, a combination of outright gifts and trusts can also be created depending upon the desired outcome.
WHAT ABOUT COUPLES WHO LIVE TOGETHER FOR MANY YEARS BUT ARE NOT MARRIED?
Couples that live together for many years and have assets and kids together or separately will also benefit from estate planning. Florida does not honor common law marriages and thus, regardless of the time spent living together, the relationship will not be treated the same as a marriage. Estate planning documents can provide these protections that the laws in Florida are missing.
WHY SHOULD YOU USE ALLY GLASER, PA?
As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve. My psychology degree, law degree, and years of experience allow me to handle all clients matters with the proper care and attention to detail. Call or email me today to get started on your personalized estate plan, trust administration, or probate matter.