Getting Married? Call Your Estate Planning Attorney!
- Posted in: Asset Protection
Recently we have quite a few clients deciding to tie the knot. Do dating and estate planning go hand in hand? They do if you are one of the lucky people finding romance late in life.
With people living longer than ever before—and staying healthy and active longer as well—there are more cases of people finding love a second (or third or fourth) time around. This is cause for celebration for widows and widowers, but it has many of their children and grandchildren worried. When mom remarries at the age of 75, what happens to the estate that she and dad built during their lives together?
Without a prenuptial agreement or estate plan, all of mom’s assets could end up going to her new husband, which he could then choose to leave to his children. With so much at stake it’s no wonder that the children of brides and grooms are responding with less than unadulterated joy.
Luckily, this is one problem with an easy solution: Involve your estate planning attorney before the marriage takes place. Executing a pre-nuptial agreement, setting forth the property rights, can go a long way towards protecting your assets and your children’s inheritance. If you only have passive income and can keep the assets separate, another option is to create a trust which leaves all of your assets to your children or grandchildren upon your death.
Talking about prenuptial agreements with your new fiancé can be an awkward conversation, especial for the older, more traditional generation. Creating trust early can alleviate much of that awkwardness. Remember, California law no longer permits the presentation of the pre-nuptial agreement the night before the wedding.
Romance is still alive, even at 70, 80, or 90 years old. Unfortunately, so are the financial risks that come with any second marriage. Call our office today. Let us take care of the risks, and leave the romance to you.