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| Elder Law Questions & Answers |
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QUESTION: I am divorced with 2 college-aged children and am about to remarry. How can I make sure my children inherit my assets in case of death or divorce?
ANSWER: This is a wonderful time for you! You have much to be excited about – a new life with a new partner and a second chance at love. But you are wise to think about your children and the effect this will have on them. Here’s what I suggest:
- As hard as this may be, a Prenuptial Agreement in advance of the marriage should be at the top of your list. This does not mean that you do not think this marriage will not last, it only means that you are protecting your children for whatever may happen, including your sudden death.
- Next, if you do not have one already, have your Will drafted to favor your children and appoint your most responsible child Executor of your Will. Depending upon the size of your estate, consider: a 529 Education Trusts and a pour over trust for them.
- If your current assets will not cover the cost of their education, buy a whole life insurance policy benefiting your children; This will ensure that they have enough resources to be able to complete their education in case of your untimely death.
- Depending on your age and your health, carefully consider long term care insurance to protect your children’s assets in the event you are ill for a long time and require Medicaid. (In some instances, assuming long-term illness paid by Medicaid, your state of domicile can pursue payment to your children);
- Sign a well drafted Durable Power of Attorney appointing your most responsible child your Attorney-In-Fact (so that child can handle your personal matters if or when you cannot); in the Power of Attorney, give the child (or other person you trust) broad powers to use your assets to educate your children (or other loved ones) and care for them in multiple ways.
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| Contact Attorney Roger Gaydos: 724.745.4030 |
|  Roger J. Gaydos,
Attorney at Law
407 Oak Spring Rd.
Canonsburg, PA 15317
TEL: 724.745.4030
FAX: 724.745.6117 © Roger J. Gaydos, Attorney At Law. All rights reserved. Disclaimer: The information provided in this site is not legal advice. It is only general information on legal issues commonly encountered. Use of GaydosLegal.com is not a substitute for consulting with Roger J. Gaydos the Attorney. All of the content available at GaydosLegal.com, including sample legal documents is for self-help and informational purposes only, and in no way does your use of this site or the content or documents herein constitute the exchange of actual legal advise or a establish a client-attorney relationship in any way. |
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