Friday, July 10th, 2009...1:57 pm
The Second Time Around: Sound Financial Advice
Financial Advisor Frances G. Woodward, MBA, of Ameriprise Financial in Hauppauge says there are many issues to consider when getting remarried, particularly if there are children involved. For example, if you and your second spouse are purchasing a new home together, consider if you will hold the title as joint tenants with rights of survivorship, or as tenants in common.
Joint tenants with rights of survivorship means if one party passes away, the other party inherits that half of the house. Tenants in common means if one party passes, his share goes to his estate, which might not necessarily be the spouse — the beneficiaries could just be his children. Also, consider setting up trusts for your children, in the event you pass but have remarried someone without children, and review who you’d like the beneficiaries to be for any IRA accounts that you hold.
Leave a Reply