Second Marriages - Estate Planning Concerns - part 1
by Phil Craig
One of the biggest areas of dispute in estate planning is with second marriages. Here is a question I received. I've changed the facts around so that I am not giving specific legal advice.
Phil,
My dad, age 87, is getting married soon so that his new wife will be eligible for social security benefits on his earnings. In his living trust he had made arrangements for me, my sister, and his lady friend. What changes for us, his kids, when he marries this lady? What do we need to know?
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Wow, what a predicament.
My first reaction is to ask if his father was entering into a marital agreement (a pre-nuptial agreement, or pre-nup) before the marriage. What a pre-nuptial agreement will allow is for his father to maintain control over the use and disposition of his estate.
Without a pre-nuptial agreement, the laws of their state concerning marital property will control.
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Second Marriages - Estate Planning Concerns
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