Divorce, Remarriage, and Blended Families: Protecting Your Assets

The Red Wagon Estate Planning & Elder Law Show

Divorce can significantly impact your estate plans, so knowing how to update your documents and beneficiary designations is essential. Jeff discusses the key steps to take after a divorce. He guides us through important topics like updating your full inventory of estate planning documents, protecting assets for children from previous marriages, ensuring the financial future of blended families, and preparing for long-term care as you age. This practical advice will help you safeguard your medical and financial plans as life circumstances change after divorce.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(02:33) Immediately after a divorce, update your estate planning documents and change all beneficiary designations. This includes medical and financial powers of attorney (PoA), trusts, last will and testament, life insurance, retirement accounts, annuities, etc.

(04:55) If you want to make changes to your documents before the divorce is final, talk to your attorney to ensure that you’re not violating any laws or agreements.

(06:29) Before getting remarried, talk with your attorney about pre-nuptial agreements and elective share rights.

(09:40) Regarding elder law and long-term care, remarrying later in life could put your assets and/or Medicaid qualification at risk. Talk with your estate planning attorney.

(15:27) Before re-drafting your documents, consider each document separately. Relationships and responsibilities of new spouses and children from earlier marriage(s) can affect decision-making.

(18:32) In blended family situations, trusts are often used after death to determine distribution of assets. And sometimes, it makes sense to name a neutral, professional third-party as trustee.

(23:36) In all planning documents, make your wishes as detailed and clear as possible. This is especially true when your medical PoA includes a living will (aka an advanced health care directive).

ABOUT BELLOMO & ASSOCIATES

Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.

LINKS AND RESOURCES MENTIONED

Bellomo & Associates workshops:https://bellomoassociates.com/workshops/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

For more information, call us at [phone].

Connect with Bellomo & Associates on Social Media

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WAYS TO WORK WITH JEFFREY BELLOMO

Contact Us:https://bellomoassociates.com/contact/

Practice areas:https://bellomoassociates.com/practice-areas/