Orange blossoms in the air?
Baby boomers are actually forming more new households than millennials.
If you are thinking of walking down the aisle, consider modifying your estate planning so that your sweetheart is provided for and so are your children.
- One way is to hold your homestead “joint with right of survivorship” and record a Transfer on Death Deed which passes the home to your children after both of you are gone.
- Another is to include in your Wills a Qualified Terminal Interest in Property: whatever is left after you are both gone goes to the children.
- You might also want to check who you name as primary and secondary beneficiaries on your life insurance, retirement and brokerage accounts.
There are many techniques. Which is right for you and your families depends on your circumstances.
Good planning and a written family agreement can stifle any objections your adult children may have.
Elder law attorney, Terry Garrett, is a member of the National Academy of Elder Law Attorneys and is an Approved Guardianship Attorney. She assists people in elder law, estate and special needs planning, guardianship and settling estates. She graduated with honors from Cornell University. She was on the Dean’s List at Wharton Business School. She earned her J.D. at Columbia Law School, receiving the Parker Award and a Mellon Fellowship.