So I did a thing, and it has got me thinking. I've been talking for years and years about how to protect assets in a second marriage situation. I see it over and over. If I (man or woman) get remarried, and I want my assets to go to my kids--not the new spouse's kids. Guess who ends up with all the assets in a lot of the cases? You're right! My kids get nothing when I die. The second marriage left all the assets to the new
spouse's kids.
Late last year I met a nice widow, and last month we got married. Now the second marriage problems are becoming personal. With coronavirus, the wedding was a little non traditional, and with everything locked down, the honeymoon didn't turn out as we hoped because all of Utah's great national parks were closed.
She has three kids with 13 grandchildren, and I have three kids with 10 grandchildren. We each want our stuff to go to our own children, but that can take some doing. The second marriage estate planning disaster sneaks up on a couple very subtly. Watch my video on this topic to learn more.
Lee Phillips, JD
