Financial and Estate Planning Tips for Remarriage

You are combining a lot of things when you are moving in with your new spouse, including your finances. This can add unnecessary or additional financial related stress if you haven’t taken the proper planning steps to ensure that you have looked at the big picture and drilled all the way down into the details to determine what is most important to both of you.financial and estate planning ti

Make sure that you consider the most important six considerations for getting remarried, which include:

  • Update estate planning documents to reflect your new beneficiaries and to remove former spouses.
  • Review benefits and insurance policies to determine whether additional policies are needed.
  • Evaluate any financial obligations for each party, including child support.
  • Update the budget to include your new family structure.
  • Create an inheritance plan.
  • Knowing that a prenuptial agreement does NOT bar assets from being counted in the name of both spouses by certain agencies, including Medicaid

There is a lot to think about with getting remarried and in this exciting time, it’s easy to overlook some of the smaller details that could affect your new family structure.

The right estate planning documents must be in place if either one of you has children from a prior relationship to protect these children from being disinherited. Talk to your estate planning lawyer about what's required to ensure that your inheritance plan is still accomplishing your primary goals.

In our Michigan estate planning office, we can work with you annually to verify that your information is up to date and to discuss new strategies so that your estate plan always reflects your needs and your current family structure.

 

 

Share This Blog

Ask A Question,
Describe Your Situation,
Request A Consultation

Call (248) 792-9193 or fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.

* Required Fields
Your Information Is Safe With Us

We respect your privacy. The information you provide will be used to answer your questions or to schedule an appointment if requested.

Follow Us On

Schedule Your Virtual Consultation - Click to Call (248) 792-9193

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram