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Estate Planning, Pre-nup, Trust, etc.
Posted on 3/28/17 at 11:24 am
Posted on 3/28/17 at 11:24 am
I am meeting with a lawyer in a few weeks to start looking at setting up a few items and am clueless on these topics so I'm looking for a few questions to ask or recommendation as to what I might get setup to protect myself and my assets.
I'm 33 yrs old and getting married to to a woman with a good job but not much net worth (yet). I've got a large amount of net worth plus a decent equity stake in a large private company with lots of upside. I work sometimes overseas in an environment where I would like to have a will or trust set up for my family/future spouse. I also want to have my assets protected in the event of a future divorce (no, i'm not planning on my marriage failing, but I would like to be protected if it does).
What would be the best way to setup a pre-nup or marital agreement for this situation? She is on board with this because she also has lots of assets she will inherit from her parents.
What is the best thing to setup in the event of an untimely death? I don't have and don't think I need life insurance yet, but what's the best way to setup the handling of the rest of my assets (real estate, investments, etc)?
Does everything go to my spouse if I die? or can it be written up to go to other family members/friends/etc.?
If anybody has an article or book or advice they could share I would appreciate it.
I'm 33 yrs old and getting married to to a woman with a good job but not much net worth (yet). I've got a large amount of net worth plus a decent equity stake in a large private company with lots of upside. I work sometimes overseas in an environment where I would like to have a will or trust set up for my family/future spouse. I also want to have my assets protected in the event of a future divorce (no, i'm not planning on my marriage failing, but I would like to be protected if it does).
What would be the best way to setup a pre-nup or marital agreement for this situation? She is on board with this because she also has lots of assets she will inherit from her parents.
What is the best thing to setup in the event of an untimely death? I don't have and don't think I need life insurance yet, but what's the best way to setup the handling of the rest of my assets (real estate, investments, etc)?
Does everything go to my spouse if I die? or can it be written up to go to other family members/friends/etc.?
If anybody has an article or book or advice they could share I would appreciate it.
9
Posted on 3/28/17 at 11:48 am to JL
I am no lawyer, but I would guess some sort of living trust and have trustees appointed to run it after your death that will carry out your intentions...somehow I think if the trust owns your assets, it can't be touched in divorce....
Basically, I'm no help, just have wondered this myself lately.
Basically, I'm no help, just have wondered this myself lately.
Posted on 3/28/17 at 12:25 pm to JL
Spend it all on spinning baskets until you are on a level playing field with the wife. No need for a pre-nup.
Posted on 3/28/17 at 12:31 pm to JL
It may vary by state.
When you leave property to others when there is a spouse, I think the spouse has to sign documents stating they agree to that. I know for retirement accounts that is true.
When you leave property to others when there is a spouse, I think the spouse has to sign documents stating they agree to that. I know for retirement accounts that is true.
Posted on 3/28/17 at 12:52 pm to JL
All I can say is never trust a spouse or family member to carry out your wishes after you die, have it legally carved in stone.
Posted on 3/28/17 at 1:09 pm to makersmark1
quote:Certainly true is some states. Probably varies though.
When you leave property to others when there is a spouse, I think the spouse has to sign documents stating they agree to that. I know for retirement accounts that is true.
Posted on 3/28/17 at 1:41 pm to JL
Take the advice of the attorney before any of our advice, but here are my two cents:
1. Pre-nup and marriage contract can keep the assets that you come into the marriage with separate. The marriage contract can address the growth of these assets while married. You want to protect what you have now, as well as the growth.
2. At the very least, you need a will. You could establish a testamentary trust inside the will that would direct at your death all of your estate into a trust that can then provide for your spouse, future children, etc. You will need to name an individual or corporate trustee. (you could also put the assets into a trust now, as someone else mentioned)
3. You may want to consider insurance if your estate isn't very liquid.
4. The pre-nup and marriage contract can keep you from being forced to leave your estate to your spouse and her future husband. You could possibly have to leave it to a child under the age of 24.
5. A good first question for the attorney is "How do I keep my assets from becoming community property?"
6. Keep in mind that your new wife's inheritance will also be separate property if she never commingles it with your assets.
I'm not 100% on this, but I hope this gives you some ideas to discuss with an attorney, as I am not one. Good Luck!
1. Pre-nup and marriage contract can keep the assets that you come into the marriage with separate. The marriage contract can address the growth of these assets while married. You want to protect what you have now, as well as the growth.
2. At the very least, you need a will. You could establish a testamentary trust inside the will that would direct at your death all of your estate into a trust that can then provide for your spouse, future children, etc. You will need to name an individual or corporate trustee. (you could also put the assets into a trust now, as someone else mentioned)
3. You may want to consider insurance if your estate isn't very liquid.
4. The pre-nup and marriage contract can keep you from being forced to leave your estate to your spouse and her future husband. You could possibly have to leave it to a child under the age of 24.
5. A good first question for the attorney is "How do I keep my assets from becoming community property?"
6. Keep in mind that your new wife's inheritance will also be separate property if she never commingles it with your assets.
I'm not 100% on this, but I hope this gives you some ideas to discuss with an attorney, as I am not one. Good Luck!
Posted on 3/28/17 at 2:35 pm to JL
quote:
What would be the best way to setup a pre-nup or marital agreement for this situation? She is on board with this because she also has lots of assets she will inherit from her parents.
A lawyer in your area can do this easily.
quote:
What is the best thing to setup in the event of an untimely death?
A living will.
quote:
I don't have and don't think I need life insurance ye
you should get some
quote:
but what's the best way to setup the handling of the rest of my assets (real estate, investments, etc)?
Again a will
quote:
Does everything go to my spouse if I die? or can it be written up to go to other family members/friends/etc.?
I depends on how you write it up. Also, on certain accounts, you will need to set her up as the beneficiary of the account in the case of your death. For example, my ROTH IRA would go to my wife. That was done at my investment banker's office. A will was not necessary.
quote:
I've got a large amount of net worth plus a decent equity stake in a large private company with lots of upside.
You will need to discuss with that company how your holdings work. There may be restrictions on them including marriage and death.
As stated above, go see a lawyer and listen to them over us, but everything I posted is from my personal experience.
Posted on 3/28/17 at 10:10 pm to JL
quote:
What would be the best way to setup a pre-nup or marital agreement for this situation? She is on board with this because she also has lots of assets she will inherit from her parents.
Y'all both need to talk to a lawyer -- different ones.
If you live in LA, she will not be so keen on the pre-nup once she finds out that her inheritance is separate property.
As far as setting things up in trusts, that really depends on your net worth. Also, having kids will change everything.
Go talk with an estate lawyer. But, if you're going to get a pre-nup, get it from a divorce/family lawyer - they are most familiar with those.
ETA: All the advice given by a lawyer may very well change in the near future if Trump/Ryan get their way and they get rid of the estate tax.
This post was edited on 3/28/17 at 10:12 pm
Posted on 3/28/17 at 10:16 pm to JL
If you are getting married in the Catholic Church, do not tell the priest about the pre-nup. Some are cool with it, others are not.
Posted on 3/29/17 at 1:32 pm to JL
NB4 "don't get married"
Seriously - don't get married - no fricking upside whatsoever for you.
With your position, travel the world and sex whoever you want whenever you want.
Seriously - don't get married - no fricking upside whatsoever for you.
With your position, travel the world and sex whoever you want whenever you want.
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