4 Steps to Take Now to Protect Your Family Later
Categories: Estate Planning Family & Money
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The Supreme Court ruled in favor of Anna Nicole Smith in her fight with the family members of her deceased husband. Now you might not have a billion dollars to worry about, but if you have children from a previous marriage you want to protect, this should be a wake up call to protect your family.
Here are some steps to take:
- Get a prenuptial right now. Well in advance of your wedding.
- Sign a new will spelling out what your new spouse is entitled to and then review the will six months later to be sure you feel the same way.
- Set up a trust for the new spouse giving him or her the right to the income from the money but making sure the remainder goes back to your family.
- Have the new spouse waive rights under state law to any claim on a specified portion of your estate.
It would be a shame to enrich lawyers and leave your family in the lurch when you're no longer around.
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