Estate planning is the preparing of legal documents to carry out your testamentary intent. Estate planning does not just take into account the high net worth individual who is primarily concerned about estate taxes, but rather planning for everyone’s testamentary intent. Testamentary intent is what you want to happen when you die. Notwithstanding, the general definition estate planning can include sophisticated gifting options to reduce one’s taxable estate and avoid or diminish federal and state estate taxes.
I have had a conversation twice in the same amount of weeks with people in my life about estate planning disasters waiting to happen due to a second marriage. Neither situation was formed from an initial ill will but both will end very bad and probably not how the testator wanted. Two Examples of How a Second Marriage is Wrecking a Family's Testamentary Intent The first example is probably pretty common in terms of second marriages from a generation ago. Husband and Wife are married they have 3 children. Wife passes away approximately 40 years ago. Husband remarries a women who has children [...]