If you are one of the many Americans who are in a second marriage, you may need to revisit your estate strategies.
Unlike your first marriage, second marriages often require particular consideration that should address your children from a prior marriage and the arrangement of assets accumulated prior to the second marriage.
Second Marriages
Here are some ideas you may want to ponder on when updating your estate strategies:
- You may want to make sure that your children from your first marriage are set up to receive assets from your estate, just as you provide your second spouse with adequate resources to live on should you die first.
- Consider titling your assets. Assets that are jointly owned in yours and your second spouse’s name are set up to pass to your second spouse, regardless of instructions in your will.
- If you are appointing your second spouse as your beneficiary on retirement accounts, remember, once you die the surviving second spouse can name any beneficiary he or she wants, despite any promises to name your children from a previous marriage as successor beneficiaries.
- Consider any postnuptial and prenuptial agreements with a professional who has the legal expertise in estate management.
- If your new spouse is closer in age to your children, your children may worry that they may never get an inheritance. Consider passing them assets upon your death, which may be accomplished through the purchase of life insurance.
- Consider approaches to help protect against the drain extended health care may have on assets designed to support your spouse or pass to your children.
Hoberman & Lesser’s NYC accountants serve a broad cross section of businesses, ranging from publicly held companies, to private sector businesses, to individual entrepreneurs throughout New York, New Jersey, and Connecticut, and across the United States. To schedule a complimentary and confidential consultation with a member of our team, please contact us.
