Estate planning for second marriage doesn’t need to be complicated! Entering a second marriage can be an exciting new chapter in life, but it also brings unique financial and legal challenges—especially when it comes to estate planning. Whether you have children from a previous relationship, substantial assets, or want to protect both your new spouse and your heirs, it’s essential to review and update your estate plan. Here’s what you should know about estate planning for second marriage.
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Lexern Law Group, Ltd. Blogs
Latest from Lexern Law Group, Ltd.
What is a Trust Protector and Why You Might Need One
When creating a trust, it’s important to think about how to ensure it functions properly, not just today, but well into the future. One option for adding flexibility and oversight is to appoint a Trust Protector.
But what exactly is a Trust Protector, and how can they benefit your estate plan? Let’s explore this important role and how it may provide added protection for your trust.
What is a Trust Protector?
A Trust Protector is a person or entity
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How Long Does It Take to Settle an Estate?
When a loved one passes away, settling their estate is often a necessary yet overwhelming task. While it’s natural to want a quick resolution during such an emotional time, the process of settling an estate can take longer than expected. Here, we’ll walk through the factors that affect how long it may take to settle an estate and provide insights on what you can expect along the way.
Factors That Affect The Timeframe to Settle an Estate
Every estate
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Navigating the Death of a Parent with Estate Planning
Navigating the death of a parent brings profound emotional challenges, and managing their estate can add an additional layer of complexity. Estate planning plays a critical role in making this difficult time more manageable. Whether your parent left behind a clear estate plan or you are navigating the probate process, understanding the steps involved in settling their affairs can help ease the burden.
Understanding Estate Planning and Probate
If your parent created an estate plan, it likely includes
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The 2024 Election & Your Estate Plan: What You Need to Know
As we approach the 2024 election, many individuals are concerned about how potential changes in the political landscape could affect their estate plans. The upcoming election could have significant implications for gift and estate tax rates, which are set to revert to pre-2017 levels if no new legislation is passed. This blog post will help you understand the potential changes and how to prepare your estate plan accordingly.
The Current Estate Tax Landscape
The Tax Cuts and Jobs Act
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Noncompete Ban Blocked: What It Means for Your Business
In a recent legal development, a federal judge in Texas has ruled against a proposed rule by the U.S. Federal Trade Commission (FTC) that would have banned noncompete agreements. This decision is particularly relevant for business owners, employers, and high-earning employees, as it directly impacts how businesses can protect their interests.
What Are Noncompete Agreements?
Noncompete agreements are contracts that prevent employees from working for competitors or starting similar businesses for a certain period after leaving their current employer.
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It’s Time for Your Estate Plan Tune-Up!
It’s time for your estate plan tune-up! Have you ever looked at your favorite musical instrument and realized it’s time for a tune-up? It’s been a while since you’ve played it, and it just doesn’t sound quite right. Your estate plan is no different. Just like your instrument, it requires periodic attention to ensure it’s still in harmony with your life.
Life is a symphony, filled with beautiful melodies and unexpected crescendos. Marriages, births, deaths, career changes, and financial
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Protecting Your Child: Legal & Financial Steps for Adulthood
Protecting your child will always be your number one job, even as they reach adulthood. Watching your child grow into an independent adult is a bittersweet milestone. While it’s exciting to see them spread their wings, it can also be challenging to adjust to the new dynamics of your relationship. One of the most significant changes is the shift in legal and medical responsibilities. Here are some things to consider when protecting your child as they transition into adulthood.
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What Can I Put in a Will?
Estate planning is a crucial step in ensuring that your assets are distributed according to your wishes after your passing. One of the most essential documents in this process is your will. Understanding what you can include in your will is vital to making sure your loved ones are cared for and your assets are handled appropriately. In this blog post, we’ll cover the key elements you can include in a will, ensuring you have a comprehensive estate plan.
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Digital Estate Planning: Protect Your Loved Ones
Digital Estate Planning: Protect Your Loved Ones
In today’s digital age, our online lives have become an integral part of our personal and financial well-being. Unfortunately, many people overlook the importance of planning for their digital assets in their estate plans. This oversight can lead to significant challenges for executors and heirs, including increased costs and delays in estate administration.
Understanding Your Digital Footprint
Your digital footprint encompasses a wide range of online accounts and services, from email and
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Family Limited Partnerships: A Powerful Tool for Estate Planning
Are you concerned about how your wealth will be distributed and protected for future generations? A Family Limited Partnership (FLP) might be a strategic tool for your estate plan.
An FLP is a legal entity that allows families to pool assets together while providing tax and financial benefits. It’s structured with two types of partners:
- General Partners: Typically family members with control over the partnership’s decisions.
- Limited Partners: Family members who invest in the partnership but have limited involvement
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Estate Planning for Second Marriage & Blended Families
Navigating the complexities of estate planning can be challenging, especially for those in second marriages or considering a second marriage. Blended families often bring unique dynamics that require careful planning to ensure that all heirs feel valued and treated fairly. This article emphasizes the importance of estate planning in blended families, aiming to minimize potential conflicts and create a lasting legacy of harmony.
Understanding the Potential for Conflict
Blended families may have children from previous marriages, stepchildren, and new
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How Should You Split Your Assets?
One of the most common questions we hear is: “How should I split my assets?” The answer may not be as easy as you’d think. Even if you have children and the natural inclination is to leave everything to them, sometimes it isn’t that simple. From different stages in life, to the psychology of money, dividing your assets may not be as straight forward as it seems.
How Should You Split Your Assets?
Choosing beneficiaries is a crucial aspect
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Estate Planning for the Younger Generations
Estate planning for millennials looks different than planning for the previous generations. Estate planning is no longer just for the wealthy or nearing retirement. Millennials and Gen Z are recognizing the importance of safeguarding their assets and loved ones early on. This blog post dives into the growing trend of young adults taking charge of their financial future through proactive estate planning.
Why Estate Planning for Millennials Matters
Contrary to popular belief, estate planning isn’t solely for older individuals.
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Trustees vs. Executors in Estate Planning
Trustees vs. executors in estate planning can be a confusing line to define if you’re unfamiliar with these roles in estate planning. Estate planning can be a complex web of terms, and two that often cause confusion are trustees and executors. Both play vital roles, but understanding their distinct duties is crucial for crafting a solid estate plan.
Trustees vs. Executors in Estate Planning
The Trustee: Guardian of Your Designated Assets
Think of a trust as a separate entity
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Estate Planning for the LGBTQ+ Community
Love is love, but estate planning for the LGBTQ+ community can be more complex than it should be. While significant strides have been made towards equality, there are still legal nuances to consider to ensure your wishes are respected and your loved ones are protected.
This blog post will explore some key elements of LGBTQ+ estate planning and the language that can empower you to build a secure future for yourself and your family.
Why is Estate Planning Important
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