Estate Planning for Newlyweds

NewlywedsIt’s that time of year! Time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons.  While this is a happy and joyful time for everyone, it’s also time for you and your new spouse to plan for your future- for richer or for poorer, in sickness and in health, right?

If you’re recently married or engaged, this post is for you!

Why Newlyweds Need to Plan Their Estates

Why should newlyweds care about estate planning?  Because everyone – young or old, married or single – needs to protect themselves and those they love.

Unfortunately, many couples spend more time planning their wedding and honeymoon than they do planning the best way to protect each other.

What Happens Without an Estate Plan?

This fallout of becoming incapacitated or dying without an estate plan is serious, expensive, and painful.  It often causes financial ruin and family discord, lasting for generations.

Without an estate plan:

  • You will leave your spouse and the rest of your family in the dark – they won’t know what you would want to happen if you became incapacitated or died.  This often leads to family fights as each individual champions for what she thinks you would have wanted.
  • You’ll leave a huge burden on your loved ones to make tough decisions about medical heroics and the withdrawal of life support.
  • The court or state law, not you, will decide who makes health care decisions if you are unable to make those decisions yourself.
  • A judge, not you, will decide who raises your children.
  • The court can lock down your assets so even your spouse has to get court permission before making a financial move.
  • Any assets you leave to loved ones can be taken by their divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.
  • You may accidentally disinherit your spouse and your children.
  • Your beloved pet could end up in a shelter or euthanized.

What Should You Do?

We invite you and your new spouse to telephone our office to set up a meeting.  We’ll walk you through how to protect each other and those you love; how to protect your beloved pets; and how to protect your assets and make things easier for you and your families.  Call now; we look forward to hearing from you.

Spring Cleaning and Estate Planning

Now that tax season is over and Easter has passed, it’s time to finish up that Spring Cleaning!

Colorful_spring_gardenSpringtime is a great time to review your estate plan documents to ensure it is up to date and reflects exactly what you want to have done and the individuals on the receiving end are still supposed to receive!

Some other times when reviewing your estate plan is a good idea, are:

Getting Married or Divorced – if you are getting married or getting a divorce, give us a call.

Children – if you have a new child or a grandchild, or if one of your children predeceases you, call us.

Financial status – if your financial status has changed significantly, for the better or the worse, call us so we can update.

Business – if you own a business and are thinking about selling it, call on us before you take any action.

Relocation – if you are moving to another state or buying new property, call us to restructure. The estate laws may have changed based on your new location.

Death of a Loved One – call us when a spouse or someone else you have named as a beneficiary in your will or trust passes on.

Aging – when you are approaching the age of 70½, when required minimum distributions kick in for retirement accounts, time to give us a call.

Health – if you have been diagnosed with a serious illness (or if a parent has) it’s time to review and update your estate plan, even though it may be the last thing you want to do. We promise it’ll make you feel better than you think.

Inheritance – if you are coming into a large inheritance or even just anticipating one, give us a ring so we can help you plan for it properly.

Gifting – if you want to make a sizeable gift to a charitable organization, talk to us before you do.

If you’re in need of a review of your estate plan, call and schedule an appointment today! The next two individuals who schedule a meeting will receive a FREE planning consultation (valued at $450).

So, call us 650-503-3770 or send an email to carmen@carmenrosaslaw.com