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4 Steps to Take Now to Protect Your Family Later

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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:

  1. Get a prenuptial right now. Well in advance of your wedding.
  2. 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.
  3. 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.
  4. 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.

If you want to get smarter about everything-money, here’s what we want you to do: Sign up for our FREE email tip-letter, Smart Money Moves with the Dolans. It’s loaded with advice to make your life simpler and more rewarding—and it’s FREE. Click here.

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