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#1
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Protecting your Assets from your Ex
In today's, world....it is a sad but true fact that many of us are
worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. |
#2
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Protecting your Assets from your Ex
"Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. I have no experience in death benefits, but my attorney told me if I remarried to instruct my new wife to file immediately for Social Security survivor benefits in the event of my death. He said if an ex-wife filed for those benefits before a current wife, the ex-wife could get the benefits and block the current wife from getting anything. |
#3
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Protecting your Assets from your Ex
"Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. It's actually easier than that - see an estate planning attorney, and have him or her draw up a couple of papers - 1. a will 2. legal power of attorney 3. health care power of attorney 4. revokable life insurance trust Then, all of your assets - the beneficiary is the revokable life insurance trust. The trust specifies at what ages your children can take possession of their inheritance, and what, if any, bills can be paid from it before they turn whatever age you have specified. If you need to, you can appoint a guardian for your children, and choose to allow (or not) monthly stipend towards your children's support until they turn the specified age. Some custodial parents need to protect their assets from their ex, as well. For $600, I had all 4 papers drawn up and filed with the courts - and if I should die before my children are the specied age, he can't touch their inheritance. |
#4
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Protecting your Assets from your Ex
"Bob Whiteside" wrote in message nk.net... "Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. I have no experience in death benefits, but my attorney told me if I remarried to instruct my new wife to file immediately for Social Security survivor benefits in the event of my death. He said if an ex-wife filed for those benefits before a current wife, the ex-wife could get the benefits and block the current wife from getting anything. The ex wife can obtain benefits only until the youngest child turns 16 - at that point, the ex is no longer eligible for survivor benefits. |
#5
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Protecting your Assets from your Ex
"Moon Shyne" wrote in message ... "Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. It's actually easier than that - see an estate planning attorney, and have him or her draw up a couple of papers - 1. a will 2. legal power of attorney 3. health care power of attorney 4. revokable life insurance trust Then, all of your assets - the beneficiary is the revokable life insurance trust. The trust specifies at what ages your children can take possession of their inheritance, and what, if any, bills can be paid from it before they turn whatever age you have specified. If you need to, you can appoint a guardian for your children, and choose to allow (or not) monthly stipend towards your children's support until they turn the specified age. Some custodial parents need to protect their assets from their ex, as well. For $600, I had all 4 papers drawn up and filed with the courts - and if I should die before my children are the specied age, he can't touch their inheritance. Except court decrees block fathers from doing what mothers are allowed to do when a decree states: "The court retains the right to establish an irreversible trust over the father's assets for the benefit of the children." This type of decree language prevents a father from protecting his assets for a new spouse to manage on behalf of his prior marriage children. |
#6
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Protecting your Assets from your Ex
"Bob Whiteside" wrote in message ink.net... "Moon Shyne" wrote in message ... "Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. It's actually easier than that - see an estate planning attorney, and have him or her draw up a couple of papers - 1. a will 2. legal power of attorney 3. health care power of attorney 4. revokable life insurance trust Then, all of your assets - the beneficiary is the revokable life insurance trust. The trust specifies at what ages your children can take possession of their inheritance, and what, if any, bills can be paid from it before they turn whatever age you have specified. If you need to, you can appoint a guardian for your children, and choose to allow (or not) monthly stipend towards your children's support until they turn the specified age. Some custodial parents need to protect their assets from their ex, as well. For $600, I had all 4 papers drawn up and filed with the courts - and if I should die before my children are the specied age, he can't touch their inheritance. Except court decrees block fathers from doing what mothers are allowed to do when a decree states: "The court retains the right to establish an irreversible trust over the father's assets for the benefit of the children." This type of decree language prevents a father from protecting his assets for a new spouse to manage on behalf of his prior marriage children. I meant to type "irrevocable trust." In essence the courts require divorced fathers to leave their estates to their children and not their current spouses. The court decrees remove the father's ability to create a will dispensing his assets as he might choose. |
#7
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Protecting your Assets from your Ex
"Bob Whiteside" wrote ............. I meant to type "irrevocable trust." In essence the courts require divorced fathers to leave their estates to their children and not their current spouses. The court decrees remove the father's ability to create a will dispensing his assets as he might choose. == In FL, judges are urged (but not mandated) by statute, to require NCPs to secure the "child support" with a life insurance policy. My husband's will specifically excluded the older children so his ex couldn't interfere with his estate. The judge was silent on the life insurance matter in our case. Fortunately, it's all over now and everyone is still alive. == |
#8
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Protecting your Assets from your Ex
"Gini" wrote in message news:vBh0g.368$uK.203@trndny03... "Bob Whiteside" wrote ............ I meant to type "irrevocable trust." In essence the courts require divorced fathers to leave their estates to their children and not their current spouses. The court decrees remove the father's ability to create a will dispensing his assets as he might choose. == In FL, judges are urged (but not mandated) by statute, to require NCPs to secure the "child support" with a life insurance policy. My husband's will specifically excluded the older children so his ex couldn't interfere with his estate. The judge was silent on the life insurance matter in our case. Fortunately, it's all over now and everyone is still alive. == That's essentially how it works in Oregon. The case law says a judge cannot force an NCP to take out a life insurance policy with a beneficiary designated by the court. So the courts get around that pesky little detail by giving fathers the option to take out the life insurance policy in the amount they dictate or set aside an equal amount in his estate for the benefit of his children. Either way the ex-wife gets a windfall to manage if the father dies. |
#9
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Protecting your Assets from your Ex
"Bob Whiteside" wrote in message ink.net... "Bob Whiteside" wrote in message ink.net... "Moon Shyne" wrote in message ... "Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. It's actually easier than that - see an estate planning attorney, and have him or her draw up a couple of papers - 1. a will 2. legal power of attorney 3. health care power of attorney 4. revokable life insurance trust Then, all of your assets - the beneficiary is the revokable life insurance trust. The trust specifies at what ages your children can take possession of their inheritance, and what, if any, bills can be paid from it before they turn whatever age you have specified. If you need to, you can appoint a guardian for your children, and choose to allow (or not) monthly stipend towards your children's support until they turn the specified age. Some custodial parents need to protect their assets from their ex, as well. For $600, I had all 4 papers drawn up and filed with the courts - and if I should die before my children are the specied age, he can't touch their inheritance. Except court decrees block fathers from doing what mothers are allowed to do when a decree states: "The court retains the right to establish an irreversible trust over the father's assets for the benefit of the children." This type of decree language prevents a father from protecting his assets for a new spouse to manage on behalf of his prior marriage children. I meant to type "irrevocable trust." In essence the courts require divorced fathers to leave their estates to their children and not their current spouses. The court decrees remove the father's ability to create a will dispensing his assets as he might choose. ALL decrees? Nope. |
#10
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Protecting your Assets from your Ex
"Moon Shyne" wrote in message ... "Bob Whiteside" wrote in message ink.net... "Bob Whiteside" wrote in message ink.net... "Moon Shyne" wrote in message ... "Erin" wrote in message oups.com... In today's, world....it is a sad but true fact that many of us are worth more dead than we are alive. Many of us carry life insurance policys, 401(k)'s, IRA's, and own a home. This is something that you need to be aware of...If you die before your children reach the age of 18, and you have not compleeted a last will....your children are all entitled to equal portions of your estate. That's okay, right? Well, think about this....if your ex is still your child's legal gardian....then she would have the control over the funds set forth for your child. If you are insured for 500,000 and you have 2 children, one that you are a NCP and one that you are the custodial parent of....your ex would have control of 250K as the legal guardian of your child, and that would just be the proceeds off of your life insurance....she would also, as your child's legal guardian gain control of half of your retirement, and have of the sell of your house. There is a case, where a man remarried, and then died after having a subsequent child. The new spouse was ordered to sell her home, and put half of the proceedes into a trust fund for her step-daughter, as that child was entitled to half of the estate.....as the legal guardian of the child....the ex wife then had control of over 800K.......PROTECT YOUR ASSETS IF YOU ARE A NON CUSTODIAL PARENT! Find a lawyer, and as discomforting as it is...make out your last will and testament. Appoint a financial guardian for your children! Specify in that will, that the appointed financial guardian of your child is to personally handle ALL financial transactions until the child reaches the age of 21. This allows you to still leave your assets to your non-custodial child....without you ex being in control of these assets. It's actually easier than that - see an estate planning attorney, and have him or her draw up a couple of papers - 1. a will 2. legal power of attorney 3. health care power of attorney 4. revokable life insurance trust Then, all of your assets - the beneficiary is the revokable life insurance trust. The trust specifies at what ages your children can take possession of their inheritance, and what, if any, bills can be paid from it before they turn whatever age you have specified. If you need to, you can appoint a guardian for your children, and choose to allow (or not) monthly stipend towards your children's support until they turn the specified age. Some custodial parents need to protect their assets from their ex, as well. For $600, I had all 4 papers drawn up and filed with the courts - and if I should die before my children are the specied age, he can't touch their inheritance. Except court decrees block fathers from doing what mothers are allowed to do when a decree states: "The court retains the right to establish an irreversible trust over the father's assets for the benefit of the children." This type of decree language prevents a father from protecting his assets for a new spouse to manage on behalf of his prior marriage children. I meant to type "irrevocable trust." In essence the courts require divorced fathers to leave their estates to their children and not their current spouses. The court decrees remove the father's ability to create a will dispensing his assets as he might choose. ALL decrees? Nope. A better question is to ask - If mothers are required to contribute their own pro-rata share of CS guideline awards to support children, why aren't they also required to provide a safety net guarantee for their long term obligation to the joint children? |
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