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Recent Blog Posts
Understanding the Four Main Types of Life Insurance
For obvious reasons, purchasing life insurance is an emotionally charged decision. Still, it is an important move that could save loved ones from financial hardship. This is especially true if you are the main income earner within your family.
It is a smart idea to consult a legal professional to discuss any concerns you have related to life insurance, wills, and estate planning. An experienced estate lawyer can provide feedback and advice based on your particular circumstances.
One of the most common challenges that come with purchasing life insurance is knowing the difference between the various policy types. Below is a basic breakdown of the most common insurance plans.
Term Life Insurance
Lasting Marriages on the Rise Despite U.S. Divorce Rate Myth
As per a recent New York Times article published to The UpShot, it appears that Americans are still pegging the American divorce rate at 50 percent, despite growing opposition by scientific and statistical research.
Statistics are proving that the U.S. divorce rate is experiencing a significant decline from the high rates reported throughout the 1970s and 1980s. Although this appears as good news for marriage, there is still an evident belief that 50 percent of all American marriages are slated for imminent divorce.
To further dispel this American divorce rate myth, leading contributors, such as Upshot contributor and University of Michigan economist, Justin Wolfers contends that marriage is alive and well in today's America. Wolfers further believes that marriage is perhaps even stronger, as 70 percent of all marriages forged during the 1990s have either reached or bypassed their 15 year anniversary mark, and surpassed the 65 percent of marriages throughout the 1960s and 1970s.
Protecting Your Assets When You Are Gone
For many, working hard and saving for the future is essential. And by the time retirement is reached and a sizable nest egg has been built up, a sense of confidence is formed that upon passing, one's adult children and their families will be well cared for. But, what happens to that sizable inheritance if an inheriting adult child and his or her spouse divorce? How much of those funds can an ex-spouse walk away with? Or, what if the one receiving the inheritance is known to be financially irresponsible?
When Your Adult Child Divorces
In most situations, when an adult child receives inherited funds and then combines them with those of his or her spouse—such as purchasing a home—the funds become part of the marital estate. Therefore, should the couple split, the other spouse would be entitled to half of the worth.
New Year's Resolutions for Couples Considering Divorce
Out with the old and in with the new. The holidays are over and everyone is ushering in the new year with vows to improve their lives and be more present in the moment. People who have recently gone through a divorce or are thinking about filing for one may add a few relationship-focused resolutions to help their 2015 be a more fulfilling year.
The Huffington Post shared an article that listed possible resolutions that are applicable to couples considering divorce or for those who have ended a marriage and are starting the new year fresh. One of the main themes of the article is communication. Good communication is especially important for parents who want to provide the most ideal transition for their children and keep their family intact. One way to achieve favorable communication is to dedicate yourself to co-parenting and the compromises that come with forming a healthy relationship with your ex-spouse.
Rethinking Trusts and Estate Planning
Too often, people think that estate planning and trusts are not applicable to their lives. They may feel they are not old enough to begin to plan, and therefore mistakenly believe that only senior citizens make estate plans and set up trusts. Additionally, they may think that only people who are rich set up trust funds. Again, this is not true.
Although many wealthy individuals do set up trusts to ensure their loved ones are taken care of and their estate is not eaten up by taxes, trusts can be set up by people who have a limited means.
A trust is useful in several ways. Whether the person setting it up is rich or has a limited income, it ensures that a person to whom the trust is being left, such as a young adult, will not spend all the money at once. Quite often, a trusted family member or friend is named as trustee to cut down on expenses of administrating a trust.
Are You Financially Prepared for a 25 Year Retirement?
Retirement and estate planning are very different now compared to past generations. Today, people live longer. The age of retirement has increased and many of us work far beyond the age of 65. In the nineties, the average age of retirement was 57 years old. Today, that number has jumped to 62. Therefore, if you do not have a solid financial retirement plan in place, you may have to continue working—at least part-time—much longer than originally anticipated.
When you do retire, chances are you will live longer than your ancestors. The average life expectancy for a man is 84 years old. Women live even longer and have an average life expectancy of 86 years. Hence, you will need enough money to live for an additional 25 to 30 years post retirement.
Holiday Tips for Parents after Divorce
Under the best of circumstances, the holiday season can be stressful. With travel plans to make, food to prepare, and of course, gifts to buy and wrap, the list of things to do can seem endless. If you are a divorced parent who shares custody of your children, the list can seem even longer. Many custody and visitation orders do not specifically address holidays and those that do still need to be put into action during a very busy time of year.
It can be extremely difficult to work with your ex-spouse to make holiday arrangements. Hurt feelings, resentment, and jealousy can complicate the path to compromise. Your children, however, deserve the absolute best holiday season possible, regardless of the relationship between you and their other parent.
Filing Taxes after Marriage: What You Need to Know
The end of a marriage always brings a number of serious changes to one's lifestyle, social circles, and personal finances. One of the first steps after the process completes is adjusting to a single income. Additionally, when tax time arrives, divorcees might run into a series of new challenges.
Every person's finances and taxes are unique, which is why, according to Money Crashers, one should always consult an accountant before filing. Consulting a family attorney may also prove helpful—even before the divorce completes—because a divorce lawyer can provide some insight into how the process affects taxes.
How the IRS Views Divorcees
3 Common Questions and Concerns about Estate Planning
Estate planning can be a highly involved process; however, it is an incredibly important financial step. While most people do not want to face the concept of securing assets before they die, estate planning helps ensure that family members do not suffer stress when it comes to dividing inheritance. If you are considering estate planning, you probably have several questions or concerns.
Is Estate Planning for Me?
One of the most common concerns for those interested in estate planning or writing a will is whether or not such preparations necessarily apply to them. Many believe, erroneously, that proper estate planning is only pertinent to the wealthy.
Estate planning is for everyone. It does not matter whether or not a person is wealthy. Anyone who has a desire to see their assets—extensive or not—go into the right hands after death should write a will and make all necessary legal arrangements.
Understanding How Debt and Credit Cards Affect Divorce
Marriage creates the potential for more than just emotional and familial benefits. There are major financial perks for couples who choose to get married and this is often what drives many happy couples toward marriage in the first place. The advantages include tax benefits, additional incomes, and according to Experian.com, the chance to help each other build credit.
All of these make life a little bit easier when it comes time to pay the bills. But what happens if the marriage turns sour and divorce becomes a reality?
It is always helpful to consult an experienced family lawyer when dealing with the financial intricacies involved in a divorce—especially debt allocation. The areas of the law vary among states and districts, and the results are different for almost every single case.
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