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When two families join together, it’s not always like the Brady Bunch. Remarriage creates instant extended-family responsibilities that can affect more than one household. The impact is not just emotional, but also financial.
As a couple planning to re-marry, you may be strolling through a legal and financial minefield. It doesn’t matter if you’re young, with dependent children, or enjoying a new beginning in your retirement years. You can’t afford to sidestep issues that could lead to bad feelings among family members or undermine your relationship with your spouse. Worse, should anything happen to either of you, undecided issues could lead to legal wrangling that can last for years and harm loved ones.
By taking steps to clearly define the financial relationships and rights of all family members, you can guarantee that everyone is protected and treated fairly.
The following ideas can help ensure that all family members are provided for according to your wishes:
This is a time of renewed opportunities for you and your spouse. Be sure to take the necessary steps to protect each other – not just emotionally, but financially as well.
The bottom line: Take time to review your financial arrangements to ensure they reflect your marital status. Talk to your attorney, tax advisors and financial professional. If I can be of any assistance, please contact me.
Rich Mino, a financial advisor with Del Mar Financial Partners, Inc., works closely with families and small businesses in the Carmel Valley area. He is passionate about making a difference in his community through financial literacy programs, and focuses on building strong relationships with all of his clients so that he can be a resource to them where needed most. An active member of the Del Mar Kiwanis, Rich supports his Carmel Valley community through local service projects, and by sponsoring the Builders Club and Key Club leadership programs at Carmel Valley Middle and Torrey Pines High Schools. In 2012, he is working to implement a financial literacy educational program to help prepare and educate kids with the challenges that they will face as they begin and graduate from college. He is a registered representative of Securian Financial Services, Inc., Member FINRA/SIPC. Securities dealer and registered investment advisor. Del Mar Financial Partners, Inc. is independently owned and operated. 12526 High Bluff Drive, Suite 280, San Diego, CA 92130. 438300 DOFU 01/2012
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2012 Emerald Connect, Inc.Securities and investment advisory services are offered through Securian Financial Services, membe FINRA/SIPC. Copyright 2010 © Custom Communications Insurance Publishing. Material in this article may not be reprinted without permission. Securian Financial Group, Inc. www.securian.com 400 Robert Street North, St. Paul, MN 55101-2098 ©2010 Securian Financial Group, Inc. All rights reserved. F70288-26 11-2010 DOFU 11-2010 A04917-1110