Page 16 - Southern Exposure - October '24

Page 16, Southern Exposure

EldEr EStatE planning

Won’t My Spouse And Kids Inherit Everything

When I Die?

Part 1 Of 2

By Anné Desormier-Cartwright, JD, Esq.

You may think that if you adoption and stepfamilies—millions of children are living 561-694-7827, Anné Desormier-Cartwright, Esq., Elder
die while you are married, in blended families. Unfortunately, the laws have not kept and Estate Planning Attorneys PA, 480 Maplewood Drive,
everything you own will up, and absurd results can occur if you rely on intestacy Suite 3, Jupiter, FL 33458.
automatically go to your as your estate plan. Stepchildren whom you helped raise The content of this article is general and should not be
spouse and children. But you (but did not legally adopt) may end up with no inheritance, relied upon without review of your specific circumstances
are thinking of state rules while a soon-to-be-ex-spouse may inherit from you. by competent legal counsel. Reliance on the information
that apply if someone dies For example, Carey and Blake each have a child from herein is at your own risk, as it expresses no opinion by
without leaving a will. In a prior relationship (Carey has a daughter, Rose; Blake the firm on your specific circumstances or legal needs.
legal jargon, this is referred has a son, Whitley) living with them full-time. During the An attorney client relationship is not created through the
to as dying intestate. In that marriage, Carey and Blake have a child together named information provided herein.
case, the specifics will vary Penny. Carey and Blake treat all three children the same. To comply with the U.S. Treasury regulations, we must
depending on your state’s Yet when Carey dies without a will or trust, her family inform you that (i) any U.S. federal tax advice contained
law, but generally, your spouse will receive a share of must rely on state law to determine who receives Carey’s in this newsletter was not intended or written to be used,
what you own, and the rest may be divided among your assets. Everything that was owned solely by Carey is and cannot be used, by any person for the purpose of
children or parents, depending on your situation. Exactly divided between Blake, Rose, and Penny. Although treated avoiding U.S. federal tax penalties that may be imposed
how much your spouse will inherit depends on the state like a son, Whitley would be entitled to nothing. This may on such person and (ii) each taxpayer should seek advice
law, though. not be the outcome Carey would have desired. Without an from their tax advisor based on the taxpayer’s particular
Now, it may seem like so far, so good. Your spouse is estate plan, however, nothing more can be done. With a circumstances.
getting an inheritance, and so are the kids. But here are will or trust, you can control what happens to your money 1 David H. Lenok, The 50 Most Common Family Types in
some examples of how the laws can fail in many common and property and who will benefit from your hard work, America, WealthManagement.com (July 20, 2016), http://
family situations. essentially eliminating the risk of regrettable results. www.wealthmanagement.com/high-net-worth/50-most-
First, when it comes to who will get your money and The best way to safeguard and pass along what you common-family-types-america.
property, most states’ laws presume that a family comprises have worked so hard to build is to talk to a qualified estate 2 Jannik Lindner, Remarriage Trends: Statistics Show
a married couple and their biological children. But because planning attorney. Protect yourself, your family, and your Complex Dynamics for Couples Blending Families, Gitnux
that is not how many families are structured, things can money and property by contacting us today. (July 17, 2024), https://gitnux.org/remarriage-statistics.
quickly become legally complicated. Look for next month’s article to finish this
One analysis identified 50 different types of family conversation.
structures in American households. Approximately If you have questions about your estate plan and what
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40 percent of all marriages in the United States are documents you should have in place to plan your estate,
remarriages for at least one spouse, and—through schedule a free consultation today by calling our office at
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