When you remarry, you’re not only combining residences with your new spouse, you’re also merging your finances. If you have children, it may involve some financial-related stress. For instance, you might need to factor in child support payments or consider whether your new marriage will impact your children’s inheritance.
I’m in my 80s and have a substantial sum in retirement accounts that I plan to leave to my children. Will they have to pay estate taxes on it?
The labor force participation rate for the 65-to-74 age cohort is projected to be over 30% by 2026, according to the Bureau of Labor Statistics. It was about 27% in 2016.
When the first spouse dies, the surviving spouse may not remain as close with his or her stepchildren. Small irritations which were overlooked during the lifetime of the spouse who died, may become outright disputes.
Does a Power of Attorney ever lapse? What happens if I change my mind and want to take the Power of Attorney back? Can the Power of Attorney refuse to return the authority?