How To Cope With The Problems Of Inheritance And Divorce

Inheritance and divorce issues can be difficult to understand, especially when you consider that every state has its own laws. What is certain is that any change in your circumstances warrants another look at how your affairs are structured, ideally with professional assistance. Just overlooking one important point could mean that your assets pass to the people you would definitely not want them to pass to, instead of those you would like to benefit from your estate. Proper planning is absolutely essential, and it is equally important to amend those plans when necessary.

Marriage and divorce create two totally separate problems when it comes to inheritance. Firstly, there is the problem of a potential divorce for the person making a will. This will have an effect on the level of their assets, and may even invalidate part of the will if certain conditions can no longer be met. Secondly, there is the potential problem of someone inheriting money while they are in a marriage which is about to end. The two cases are obviously completely different, and need handling in different ways.

It is often difficult to assess the potential financial damage of a divorce in advance, but it is safe to say that your asset levels will be diminished. It is certain that any will you had drawn up before the divorce will need to be amended. If money was to be left to your marital partner, you will want to change your will even before the divorce takes place, in case you should die suddenly in the meantime. Once your revised income and assets are known, you can always make further revisions to the will.

Dealing with money that you are going to receive as a beneficiary is more difficult, as it depends entirely on the laws of the individual state in which you live. In most states, there will not be a problem as the inherited money will be classed as separate property. In this case, the money will remain yous after any divorce has taken place. In some other states where this law does not apply, you will have greater problems. If you know that you are due to be a beneficiary of a will, you should discuss the situation with the other party to find the right solution.

The higher your asset level, the greater the potential problems with any divorce inheritance. Once you reach the level where inheritance tax would have come into play anyway, you will need to have your estate structured by a professional. This is where you can get the advice you need considering divorce at the same time. There is never any substitute for taking advice from a professional who is licensed to practice in your state, as they will know exactly how to handle inheritance and divorce.





 

Inheritance Advice News:

 

This 'Old Lady' Is Nobody's Fool - AARP News

AARP News

This 'Old Lady' Is Nobody's Fool
AARP News
Kline plays Mathias Gold, a middle-aged, failed New York writer (and recovering alcoholic) who heads to Paris to start over in the wake of his third divorce. Helping him do that is the inheritance he's just received from his bitterly estranged father .

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How to find IHT-exempt Aim companies
Buying shares of companies listed on the Alternative Investment Market (Aim) is extremely tax-efficient for investors...


Don't Let Clients Fall Into A Beneficiary Form Trap - Insurance News Net

Don't Let Clients Fall Into A Beneficiary Form Trap
Insurance News Net
So, if a man named his first wife as beneficiary but later divorced her and married another woman but neglected to change the beneficiary to the new wife, EURúthe ex gets the money,EURĚ Levine said. Advisors have to be cognizant of this, he told a breakout .

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A Look At The Bottom Of The Ballot: Register Of Probate - WGBH NEWS

A Look At The Bottom Of The Ballot: Register Of Probate
WGBH NEWS
Getting a divorce? Probate court. Want to establish a will? Probate court. Collecting your inheritance? Adopting a child? Changing your last name? Probate court. Around 75 to 80 percent of the people who walk in any probate court in Mass. are without a .

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Nearly 100-Year-Old Newlyweds Could Divorce After Family Claims Marriage . - Latin Post

Latin Post

Nearly 100-Year-Old Newlyweds Could Divorce After Family Claims Marriage .
Latin Post
Nearly 100-Year-Old Newlyweds Could Divorce After Family Claims Marriage Complicates Their Inheritance. Print; E-mail. By Selena Hill (staff@latinpost.com). First Posted: Sep 10, 2014 03:46 PM EDT. Share This Tweet This. Millennials are projected to .
Marriage of Newlyweds, 96 and 95, QuestionedNews 92 FM

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Harry gets inheritance this week
Prince Harry will inherit his share of his mother's fortune when he turns 30 on September 15...


Postnuptial agreements gaining traction with couples - Pittsburgh Post Gazette

Pittsburgh Post Gazette

Postnuptial agreements gaining traction with couples
Pittsburgh Post Gazette
One factor is the desire to protect a family-owned business for future generations or protect a potential inheritance for children from a prior marriage. EURúPeople think the only time it's appropriate to do a postnup is when parties are getting a divorce .

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Harry to get inheritance this week
Prince Harry will inherit his share of his mother's fortune when he turns 30 on September 15...


Pay inheritance tax, or else: BIR
THE Bureau of Internal Revenue (BIR) yesterday said all real properties of deceased persons whose inheritance taxes have not yet been paid by their heirs can be foreclosed and sold through public auction and their cash in banks and jewelry can be garnished in favor of the government...


 

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