Category: Second Marriages and Relationships

Second Marriages and Relationships , , , ,

How to Protect Your Kids’ Inheritance in a Second Marriage

Why Second Marriage Estate Planning is Critical

When you get remarried in Massachusetts having an estate plan becomes even more critical because without proper legal planning state law will control how your assets get passed on. If you have children from your prior marriage and you haven’t created a plan that will protect them, then you assets could be passed on entirely to your new spouse and those assets might not get to your kids.

Attorney Andrew Garcia of The Living Together Law Center, a division of Phillips Garcia Law in Dartmouth explains:

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Second Marriages and Relationships , , , , , , , , ,

I’m in a Second Marriage. Is Estate Planning Really All That Important?

Simple answer: it’s probably MORE important now in your second marriage than it was in your first.

In most second marriages, each spouse comes into the new relationship with “baggage” from the first marriage (and I don’t mean “baggage” in the negative sense). They have kids from the first marriage. They have a house from the first marriage. They have a 401k from the first marriage. Maybe they have a business that survived the first marriage.

Other than the “kids,” these pieces of “baggage” are all “assets” in the eyes of the law from the first marriage.

Now, usually there’s a pretty interesting dynamic that I see surrounding how each spouse feels about these different pieces of “baggage” from the first marriage. Generally, they tend to think of the property, or “baggage,” from the first marriage as their own individual property.

It’s not necessarily a negative or selfish feeling that they have about these assets – it is understandable – but they tend to have the view that they worked hard for them, they survived the break up of a first marriage and came out with them in tact, so they view them as “mine.”

Added to this dynamic each spouse then usually has very strong feelings about how these pieces of “baggage” should be handled when they pass away.

Here’s a great “real life” example that many second-marriage couples face. This couple’s been married for over 10 years. They both have adult kids from a first marriage. The couple is living together in the home that the wife brought from the first marriage.

Now, they live in this house, which has no mortgage, as if it is “their” home. They act as if it is “their” home. They both contribute to its upkeep. They pay taxes on it. But, if something happens to her, then the wife wants her husband to live in the house for as long as he wants (and for as long as he remains single after she’s gone), and then the house should go to her kids from the first marriage only. She doesn’t want the house to go to her stepchildren.

So here’s the rub: if that wife dies without some sort of estate plan in place, then state laws will determine how that house is passed on. So, the surviving husband will now have part ownership in that house with her kids from the first marriage. If that surviving husband then dies without a will, his kids will inherit his share of the property – a result that the wife didn’t want.

For this couple, like most couples in a second marriage, a living trust combined with wills could solve their dilemma and help get them the result that they want.

So as you can see, if you’re in a second marriage (or a third or even a fourth), it’s imperative that you do some estate planning. If you have questions, contact an estate planning attorney to talk about your second marriage questions.

Andrew J. Garcia - "Don't leave a financial mess for your loved ones. Get some Family Legal Planning done before it's too late."

The Family Legal Planning system at Phillips & Garcia has been designed to help busy families get their Massachusetts estate planning done in a convenient and affordable way. To learn more about trusts and how they can be used in your estate plan, schedule your complimentary Family Legal Planning session with Attorney Andrew Garcia. To speak with Attorney Garcia call him at (508) 998-0800 or email him at [email protected]

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How Do We Define the “New American Family?”

Not long ago, the traditional American family typically consisted of a husband, a wife and two to three kids (think “Leave it to Beaver”). But, the growing incidence of separation, divorce, remarriage and unmarried hetero and same-sex couples living together with kids has changed the landscape of how we as a culture define a family.

Noted Indiana University sociologist, Brian Powell, set out to determine how Americans’ definition of what constitutes a family has changed over the last decade. Not surprisingly, what he found was that we’ve been moving away from the traditional “Leave it to Beaver” idea of family to arrive at a view of the “New American Family” which comes in many different forms.

Powell’s findings revealed that almost 100% of people consider a husband, wife and kids as a family. Yet, he also found that over 83% of people consider cohabiting heterosexual couples with kids to be a family and that now over two-thirds of Americans agree that same-sex couples with kids are a family.

Take the kids away from the “family equation” and those percentages drop drastically. For example, only 39% of people consider a cohabiting hetero couple with no kids to be a family even though that cohabiting couple might consider themselves a family.

In the end, though, when it comes to defining a family all that may matter is how people view their own living arrangements. Whether you’re a traditional family, blended family, domestic partnership or single parent, over 60% of people now agree that if you consider yourself a family, then you are a family.

Regardless of how it’s defined, the “New American Family” faces many different legal issues in this day and age. From designating health care agents, to drafting wills that protect everyone, to choosing guardians for kids, all families are faced with these challenges.  So like the old program “All in the Family,” our blog is dedicated to tackling the legal issues facing our New American Family.

Finances & Kids, Second Marriages and Relationships , , , , , , , ,

Why would a bank approve a Massachusetts short sale? 2nd Marriage Estate Planning Attorney

Ep. 4 of “2nd Marriage Estate Planning

Will a Massachusetts bank approve a short sale? Andrew Garcia of Phillips Garcia Law answers this question in the 4th installment of “2nd Marriage Estate Planning.”

Watch our previous episodes involving short sales and estate planning on our channel or website.

http://www.youtube.com/user/PhillipsGarcia?feature=mhee

Finances & Kids, Second Marriages and Relationships , , , , , , , ,

Should I short sell my Massachusetts home?

Episode 3 of “2nd Marriage Estate Planning” where Andrew Garcia continues to answer a viewer’s questions regarding her debt due to a short sale in Massachusetts. Does her debt now lie on the shoulders of her new husband as well? To find out the answers to these questions watch our mini-series “2nd Marriage Estate Planning.”

Episode 1 – What is a short sale?
Episode 2  – What happens during a short sale?

Finances & Kids, Second Marriages and Relationships , , , , , , ,

What is a Short Sale in Massachusetts? Estate planning for 2nd Marriages

The first episode of our series “2nd Marriage Estate Planning” for Massachusetts residents. Attorney Andrew Garcia of Phillips Garcia Law has extensive knowledge and expertise in family estate planning, second marriage law, wrongful foreclosure, business law, and personal injury.

Episode 1 thoroughly explains Short Sales in Massachusetts. For more information visit our website at www.phillipsgarcia.com or fill out the contact form to talk to Andrew.

Call PhillipsGarcia Law at 888-449-5343  

You can watch more videos from Phillips Garcia Law on their Youtube Channel.

Second Marriages and Relationships

I’m In a Second Marriage. Is Estate Planning Really That Important?

Simple answer: it’s probably MORE important now in your second marriage than it was in your first.

In most second marriages, each spouse comes into the new relationship with “baggage” from the first marriage (and I don’t mean “baggage” in the negative sense). They have kids from the first marriage. They have a house from the first marriage. They have a 401k from the first marriage. Maybe they have a business that survived the first marriage.

Other than the “kids,” these pieces of “baggage” are all “assets” in the eyes of the law from the first marriage.

Now, usually there’s a pretty interesting dynamic that I see surrounding how each spouse feels about these different pieces of “baggage” from the first marriage. Generally, they tend to think of the property, or “baggage,” from the first marriage as their own individual property.

It’s not necessarily a negative or selfish feeling that they have about these assets – it is understandable – but they tend to have the view that they worked hard for them, they survived the break up of a first marriage and came out with them in tact, so they view them as “mine.”

Added to this dynamic each spouse then usually has very strong feelings about how these pieces of “baggage” should be handled when they pass away.

Here’s a great “real life” example from a second-marriage couple I recently met. They’ve been married for over 10 years. They both have adult kids from a first marriage. The couple is living together in the home that the wife brought from the first marriage.

Now, they live in this house, which has no mortgage, as if it is “their” home. They act as if it is “their” home. They both contribute to its upkeep. They pay taxes on it. But, if something happens to her, then the wife wants her husband to live in the house for as long as he wants (and for as long as he remains single after she’s gone), and then the house should go to her kids from the first marriage only. She doesn’t want the house to go to her stepchildren.

So here’s the rub: if that wife dies without some sort of estate plan in place, then state laws will determine how that house is passed on. So, the surviving husband will now have part ownership in that house with her kids from the first marriage. If that surviving husband then dies without a will, his kids will inherit his share of the property – a result that the wife didn’t want.

For this couple, like most couples in a second marriage, a living trust could solve their dilemma and help get them the result that they want.

 

Andrew J Garcia, Family Legal Planning attorney

Our Family Legal Planning system is the perfect match for couples who are in a second marriage. As you can see, the worst thing that a couple in a second relationship can do is ignore their estate planning needs. For a complimentary Family Legal Planning session with Andrew Garcia to discuss your second marriage planning needs, just call (508) 998-0800 or email him at [email protected]