Estate Planning for Second Marriages on Long Island

Posted in Estate Planning Blog Posts, Family Law | April 12, 2018

A second marriage following a divorce can feel like a fresh start, but it is necessary to consider the changes that can occur when you join your life with someone else’s. A second marriage can impact your financial plan and how you manage and plan your estate. It can be challenging to determine what is fair in a second marriage and estate planning. At Winkler Kurtz, LLP, our estate planning for second marriages attorney Long Island can help you understand some of the financial aspects surrounding a second marriage and help you reshape your estate plan. 

Before the Wedding

If you are getting married for the second time, you are likely a bit older and want to avoid past mistakes. Various issues can arise when you plan your estate for a second marriage. When planning your estate, there are a few things to consider doing before the wedding:

• Prenuptial and Postnuptial Agreements – These agreements are often put in place if a spouse has more assets than the other and are a great way to keep your assets safe if the marriage ends. It is vital that the documents are reviewed by an estate planning for second marriages attorney Long Island before they are signed. 
• Irrevocable Trusts – If you have children from a previous marriage, you may wish to keep assets aside to benefit them. Forming this trust before the wedding can keep these assets from becoming intertwined in your marriage. These trusts can also protect the assets from future creditors should the marriage end. 
• Revocable Trusts – This is useful when you want to document that you entered your second marriage with an asset and keeps these assets separate from any marital assets. 

After the Wedding

A married couple should work together as a team. You and your spouse can use estate planning to set assets aside for the surviving spouse should something happen. You can also create protection for your children that would not exist otherwise. Estate planning protects your children, your spouse, plans for disability or illness, preserves your estate, and helps you avoid future disputes. Here are some of the typical documents for estate planning:

• Will and Testament
• Contracts to Will
• Financial Power of Attorney
• Living Will and Medical Power of Attorney
• Funeral Arrangements 
• Irrevocable and Revocable Trust

A seasoned estate planning for second marriages attorney Long Island can work with you to develop these documents and assist you with estate administration. We understand that each family has different needs when it comes to planning their estate, and we will help you draft an estate plan to protect your assets. 

Estate Planning for Second Marriages Attorney Long Island

If you are looking for estate planning for second marriages attorney Long Island, our team at Winkler Kurtz, LLP is here to help. We understand that estate planning can be complex, and we will work with you to ensure that the life you’ve built over your lifetime is protected. Contact our office today to schedule a complimentary consultation.