Second marriage—Estate Planning strategies
Today, second marriages are happening with increasing frequency. The past ties could complicate the future, especially where family members and financial obligations are concerned. Estate planning for people in a second marriage takes on characteristics that are designed to keep one foot in two different worlds.
Here are some things to consider:
- Irrespective of the details of your particular situation, it’s important to analyze the potentially delicate nature of taking any planning action. In complicated situations, such as when multiple families are involved, it might be worthwhile to consider attaining professional “outside” advice.
- Be aware of the consequences of different types of asset ownership.
- You may choose to put assets in your own name—that is, if you intend them to go to your children. For instance, new assets acquired in joint tenancy with your spouse will automatically be passed on to the surviving spouse.
- You may wish to have a pre-marital agreement. Although a sensitive subject, it may be important if your desire is to leave most of your estate to your children. Also, review your will if you wish to ensure it does not benefit your former spouse.
As in many financial endeavors, estate planning is not a “do-it-yourself” situation. You will want to be assured that your current estate plan fulfills your wishes and is the correct one for your current stage of life. Therefore, it is of utmost importance that you consult your financial, tax, and legal professionals in order to ensure your planning is in concert with your overall concerns and objectives.
Important Disclosure Information
The article above was provided to Synovus by eMoney Advisor, LLC, and is used here with permission from eMoney or a third party content provider. eMoney does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. This information was provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.