In Florida it can be crucial to do Estate Planning For Second Marriage
More and more Americans are getting remarried which is causing estate planning to become more complex. People are living much longer than in the past, which means that the rate of remarriage is occurring at a much higher frequency. A second marriage adds new obligations and rights for the new people in your life, while still keeping the obligations from your first marriage.
The effect of multiple marriages is that it could create multiple claims on a person’s estate. Many estate planning issues can be resolved with careful planning. Here are some key issues for estate planning for a second marriage.
1. Length of the New Marriage
The first issue that is common in estate planning is the duration of the subsequent marriage. For instance, say a person has a spouse with early Alzheimer’s. This person also has a retirement plan that named his children outside the marriage as beneficiaries. The couple has been married for eight years, and the person would be destitute without the spouse’s IRA. It may be time to think about changing the estate plan to include the new spouse, which would desperately need the funds from the retirement plan.
2. Children from the First Marriage or outside the current marriage