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How to Tackle Estate Planning as a Married Person

Getting married is an exciting and memorable time in the lives of most people. As you prepare to get married or if you already have, there are likely some issues that you have only just begun to consider. There are some key details about estate planning that you should remember whether you recently got married or have been in a marriage for several decades. Be Open With Your Spouse One of the best places to begin when estate planning with your spouse is to be honest about your future and one another’s expectations. Not only does this include adequately planning for the future, but you should also make sure to address how you would like the situation handled if either one of you passed away.  Do Your Best to Equalize Estates People commonly overuse the marital deduction, which only ends up delaying the taxes that a person ends up facing. The spouse who is left with the couple’s estate should instead engage in some creative estate planning to reduce the amount of taxes that they will owe. Remember, a person can utilize the lifetime estate and gift tax exemption to pass some assets to a loved one without this amount [...]

Second Marriages and Estate Planning

Grey divorce refers to the end of marriages of people in their 50s and 60s. While it is true that the overall divorce rate in the United States has declined, the rate of divorce among this segment of the population is increasing. Another large group of older individuals is also finding love a second time around and getting remarried. If you are among the people getting divorced or remarried later in life, it is a wise idea to review your estate planning documents and make sure that they will still help you to achieve your goals.  The following will review some important factors that you should consider to ensure that your estate plan will provide for your loved ones. As you begin to structure your estate plan around your new marriage, it is a wise idea to remember that this type of estate planning is not done to be unromantic, but rather to reduce the risk that your estate ends up administered in a way that you do not desire. Trusts can Play a Valuable Role in Second Marriages If you want to both protect your assets and make sure that these valuables ultimately pass on to your loved ones, [...]