Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash-out the inherited IRA and pay the income tax. WARNING! The cashed-out IRA will […]
Tips for Effective and Healthy Communication for Divorcing Parents
The way we communicate is a big part of how we see and deal with the people around us. Most people who file for divorce had a communication meltdown at one point or another. It’s more than usual… when emotions run high, we are stressed out, angry, disappointed, frustrated even, our communication skills usually one […]
What is an Inheritor’s Trust?
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to […]
What Everyone Should Know About Mediation
What Is Mediation? The goal of mediation is to use the assistance of a neutral third party to reach an agreement that is acceptable to both the parties. It helps both parties walk away with a satisfactory outcome, without the financial and emotional cost of a court case. The mediation process consists of a mutual […]
Protecting Your Children’s Inheritance When You are Divorced
Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth passes away one year after […]
Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign
Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior […]
3 Things You Must Do Once Your Divorce Is Final
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation […]
Which Life Events Require an Immediate Estate Plan Update?
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also […]