What happens when the husband become incapacitated? Who is in charge of the husband’s assets? His trusted children from the previous marriage? The new spouse? What if the husband came into the marriage with little or no assets? What if the husband came into the marriage with millions in assets?

Should the new wife control the husband’s children’s inheritance? Is the new wife going to spend all of the husband’s money before he dies leaving his children with nothing? Should the husband’s children control the assets of the husband on behalf of the new spouse? Does the new spouse have to go to the husband’s children for grocery money?

Should the new spouse or the husband’s children get the Power of Attorney? Should it be shared between the new spouse and children? Should different assets have a different person in control? Can the new spouse sell the family farm? Can the husband’s children kick the new spouse out of dad’s home?

What happens when the husband dies? Who gets all the assets? Does it go to the new spouse? When the new spouse dies will all the assets go to her children and the husband’s children be cut out? What if everything is left to the husband’s children? How is the new spouse going to live? Does the new spouse have any rights by law to the husband’s assets?

How was everything owned? Both spouses names? Only in husband’s name? Only in wife’s name? Does either spouse have a will? Do some accounts have Payable on Death designations? Were any of the children’s names on the accounts or real estate as owner?

These are just some of the various issues that come with multiple marriages and blended families? One way to handle these issues and spot other issues is to sit down with an experienced estate planning attorney. After listening to the concerns and issues the spouses and children have, a good estate planning attorney should be able to structure an estate plan that addresses everyone’s concerns.

One thing is for sure, doing nothing will generate the most problems for both the parents and the children.

Estate Planners of Arkansas, P.A. has prepared over 4,000 Estate Plans. Call 1-501-414-8965 for your FREE initial consultation today.

The post Second or Third Marriage? Blended Family? What Are the Issues? appeared first on Estate Planners of Arkansas.

Many people add their children’s names as owners to their checking and savings accounts, CDs, investment accounts, stocks, bonds and real estate. They are thinking to themselves that if I get sick or if I’m in the hospital, then my child can pay my bills for me. But what most people don’t know is that the Supreme Court of Arkansas has ruled that your children’s creditors can come after your money.

Could your children have any creditors? You may have the most honest, respectful, loyal child who would never do anything against you and who is financially well off, but that doesn’t mean you can’t lose all your assets to their creditors. They could have hospital bills they can’t pay. They may get in a car wreck and be at fault, they could go bankrupt or more likely they could get a divorce. Your ex son-in-law could use your asset as leverage to get custody of your grandchildren in a bitter divorce with your daughter.

If I am the attorney for your child’s creditors, I know that it is common for parents to put a child’s name on their assets. In the very end, I might not get your money, but nobody is going to use the money until the lawsuit is over in two to three years. Your account will be locked down.

What are some safer ways to go about giving your child access to your accounts?

One of the best solutions is to set up a Revocable (Living) Trust. With a trust your child can become the trustee if you become physically or mentally incapacitated. You money is protected and a host of other problems are solved too. Some other options include making your child a “signatory” on the account. A signatory can access the account but they are not an owner, so their creditors can’t come after your money. Another option is to give a Durable Power of Attorney to your child. Your child will have access to the account but since they aren’t the owner, their creditors can’t get your money. Both the “signatory” and the Durable Power of Attorney, while cheaper to set up, come with their own potential problems.

Consider letting an experienced Estate Planning attorney review how your accounts are set up to see if there are any potential pitfalls and problems you may have in store for yourself.

Estate Planners of Arkansas, P.A. has prepared over 4,000 Estate Plans. Call 1-501-414-8965 for your FREE initial consultation today.

The post Should I Put My Child’s Name on My Account? appeared first on Estate Planners of Arkansas.