Many people want to sell their marital home after the death of a spouse and “downsize” to a smaller home, such as a condo or rental. This article discusses the tax implications of that move.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
You may have heard the term “community property.” However, do you know exactly what it means or how it could affect you?
My ex-husband passed away. However, I was named the beneficiary on his 401(k). Even though we are divorced, do I still have a right to it?
Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will. It is important to revise your will at these times, in order to ensure your estate planning is up to date.
Do my husband’s minor children from a prior marriage have any rights to any marital assets acquired during our marriage in the event he dies before me?
So, what happens to your estate if you don’t have a will nor any children?
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
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