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Protecting your Assets from your Ex



 
 
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  #1  
Old April 16th 06, 01:41 AM posted to alt.child-support
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Posts: n/a
Default 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  
Old April 16th 06, 01:58 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 02:04 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 02:05 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 02:22 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 02:30 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 03:03 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 03:20 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 04:16 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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  
Old April 16th 06, 05:02 AM posted to alt.child-support
external usenet poster
 
Posts: n/a
Default 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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