When your child or grandchild announces that he or she is getting married, your first thought is probably not that it will not last. You know the statistics about how many marriages end in divorce, but you do not think that will be the case for your loved one, or at least you hope it is not.
However, the truth is that divorce is always a good possibility.
It is so much so that parents and grandparents would be wise to review their estate plans and help protect against the possibility.
This was the recommendation of the Wills, Trusts & Estate Prof Blog in “They’re Engaged!…Top 5 Financial Considerations Before the Wedding.”
According to the blog, you should review your estate plan and any gifting plans to protect your generosity. Make sure that the divorce of your child or grandchild does not result in the assets you have given, ending up in the hands of an ex-spouse.
You do not have to make such arrangements, but most people prefer it that way.
To do this, you are going to need to sit down with your elder law attorney, since you will need expertise with someone who knows estate law well.
You may also need to get some advice from a divorce lawyer in the state where your child or grandchild lives, in order to understand marital property laws and divorce in that state. Your elder law attorney can also look those laws up and get advice as needed.
A child or grandchild getting married is a happy time and something to celebrate. However, make sure that you think about the possibility of problems down the road, even if he or she does not.
Reference: Wills, Trusts & Estates Prof Blog (July 27, 2017) “They’re Engaged!…Top 5 Financial Considerations Before the Wedding.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.