Here’s an interesting and frankly, an alarming statistic: divorce rates of those over the age of 50 more than doubled between 1990 and 2010. One in 25 couples in this age group will divorce; compared to one in ten in years past. It’s staggering. This presents an interesting quagmire: what will your estate planning efforts (and your bank account) look like after the divorce? There are many considerations you’ll have to address and reconcile both before and after the judge drops the gavel. Divorce and estate planning – two things most people never realize they’d be doing simultaneously. Some say it’s the number of baby boomers driving this trend; others say divorce isn’t nearly as stigmatized as it was early in their marriage and still others say they now no longer worry about societal factors.
The reality is divorce and estate planning are two things no one really looks forward to doing. Who wants to face a marriage that didn’t work out? No one likes to address their mortality, either. Both can be emotionally draining and together, it can quickly become overwhelming. The right legal guidance, however, can make all the difference.
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- If an Estate Owes Federal Gift and Estate Taxes, How Do I Pay Them? - September 15, 2022