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Home » Estate Planning » Estate Planning and Remarriage

Estate Planning and Remarriage

May 3, 2019Estate Planning

estateIf you have enjoyed financial success and you are getting remarried as a parent, there are naturally going to be some estate planning concerns. You want to provide for your new spouse appropriately, but you also want to protect the inheritances that you intend to leave to your children. How do you satisfy both of these aims simultaneously?

Before we explain the widely embraced solution, we should emphasize the value of a prenuptial agreement. Clearly, when you are willing to marry someone, you have high hopes. Statistically speaking, most second marriages do not last, and the likelihood of failure gets higher for subsequent marriages.

You may say “this will never happen to us,” but all of these people that have gone through multiple divorces probably felt the same way. A prenuptial agreement is not necessarily a romance killer. It is simply a way for each party to protect themselves given the fact that the future is always going to be uncertain.

Qualified Terminable Interest Property (QTIP) Trusts

An estate planning device that is often used by people that are getting remarried is the qualified terminable interest property (QTIP) trust. The way that it works is you fund the trust, and your spouse would be the first beneficiary. You make your children the successor beneficiaries of the trust.

When you execute the trust declaration, you name a trustee to act as the administrator. If you do in fact predecease your spouse, the trustee would be able to distribute the earnings from the trust to your spouse. You would also have the latitude to instruct the trustee to distribute portions of the principal if this is your choice.

Your surviving spouse would be provided for throughout his or her life, but the terms of the trust would be set in stone. After the death of your spouse, your children would inherit assets that remain in the trust.

Explore Our Special Reports

We go the extra mile to provide many different resources for our clients in every way that we can. First off, this website is a treasure trove of very useful information about important elder law and estate planning topics.

Our attorneys have developed a library of special reports that provide detailed information, but they are easy for laypeople to understand. There is no charge for the reports, and you can access any or all of them right now. To do just that, visit our special reports page and click on the topics that are of interest to you.

Attend a Free Seminar

In addition to the written materials that we offer, we get out into the community to hold estate planning and elder law seminars. We get very positive feedback from attendees, and it is gratifying to be able to pass along information that is useful to our neighbors throughout the Los Angeles area.

There are a number of dates on the schedule at the present time, and we urge you to attend the session that works for you. We do not charge for admission, but we do ask that you register in advance, because space is limited. You can do just that if you visit our seminar page.

Take Action Today!

We are here to help if you would like to discuss your estate planning objectives with a licensed attorney. Clearly, it can be disconcerting to discuss personal and financial matters with someone that you have just met, but we do everything possible to put our clients at ease from the start.

You can send us a message to request a consultation appointment, and we can be reached by phone at 310-337-7696 or 562-346-3209.

 

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

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July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
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July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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