Today, Josh and Amelie continue the series on Estate Planning! This week, they discuss marital assets (and debts).
Takeaways:
- Estate planning can also plan for the death of a marriage.
- Ultimately, it comes down to “is this something that both parties have a right to/will split?” or “is this something that only one party has a right to?”
- Some states' policies follow the English tradition (“common law states”); others follow the Spanish tradition (Arizona, CA, Idaho, Louisiana–kind of, Nevada, New Mexico, Texas, Washington, Wyoming) (“community property states”).
- It can be very easy to comingle assets which can affect estate planning.
- Depositing an inheritance into a joint account is comingling.
- Pensions get much more complex–different pension plans will have different rules.
- Pre-nups are extra important in the case of blended families.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
