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Divorce, Remarriage, and Your Estate Plan

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					Divorce, Remarriage,

          and Your Estate Plan
Attorneys always emphasize the fact that
estate planning is an ongoing process
 When things in your life change
      these new beginnings
may render your existing estate plan
            OBSOLETE
      DIVORCE AND REMARRIAGE
are two of the life events that are going
   to necessitate estate plan revisions
Inheritance & Beneficiary Changes
After a divorce you have to consider
  disinheriting your former spouse
          This can include
changing the beneficiary designations
 on your payable on death accounts
Any estate planning documents that you
 have in place directing asset transfers

should be reviewed
You may also want to change the
beneficiaries on your life insurance
              policies
Getting Remarried?
 If the love bug strikes and you
decide to get married again you
should ask yourself how this will
 affect your existing estate plan
 Without question,
    some significant
revisions will be in order
This is particularly true if you have children
 from your previous marriage or marriages
Not-So-Romantic Facts
Obviously people who are getting
married are generally going to be

very much in love
    However, if you want to be
practical you should consider some
       very relevant statistics
 Well in excess of 60%
of second marriages fail
according to statistics cited in a
 2012 Psychology Today article
Over 70% of third marriages

 end in divorce
Popping Another Question
 After you pop the question
with regard to tying the knot,
 you may also want to consider
   popping another question
If you ask your spouse-to-be to
     enter into a premarital
agreement it can be constructed
     to protect both parties
The agreement
can also protect
the interests of
 children from
   previous
   marriages
Premarital Agreements
Premarital agreements are nothing
 more or less than contracts, and
    they can accomplish
various different objectives
    One of these would be the
delineation of the personal assets
of each individual entering the marriage
The agreement could also stipulate
 the terms of property distribution
  in the event of a future divorce
QTIP Trusts
   How do you provide for your
surviving spouse and your children?
One option would be the creation of a
qualified terminable interest property (QTIP) trust
  Your surviving spouse would
receive income from the earnings
        of the trust for life
Upon the passing of your surviving spouse
  your children would inherit the funds
         remaining in the trust
The First Step
 Though we have not covered
every detail in this presentation,
these are some things to
    THINK ABOUT
You may be a bit overwhelmed
when you consider all of the ramifications
The intelligent first step would be to
    discuss your situation with a
 licensed estate planning attorney
Your lawyer will gain an understanding of
   your family dynamic and make the
      appropriate recommendations
     If you live in the greater
Indianapolis area our firm can help
    you revise your estate plan
  after you go through a divorce
Contact Frank & Kraft to schedule a
    FREE CONSULTATION
          (317) 684-1100
       www.FrankKraft.com

				
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posted:9/2/2013
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Description: estate planning basic, estate planning essentials, estate planning, estate planning indianapolis in, divorce and estate planning, remarriage and estate planning