Good morning Women Supporting Women,
Happy Monday to you all! I hope your weekend was a fantastic one. I spent it educating my community on how to use life insurance as Mortgage protection. In addition to this, the guests also learned about credit repair and how to purchase a home. From this, my real estate partner and I were asked to do a financial series! We are extremely excited and grateful for the opportunity. Later on that evening, I had a little bit of reward and relaxation at a barbecue. While I didn’t get home until 3, I made sure I had more than enough energy to go to church in the morning 🙂
Last week, we spoke about 5 Things Every Woman Should Know About….Divorce. Well, you swore off marriage but you met the person of your dreams…AGAIN. You decide to give it another try and get remarried. What are some things you should think about this time that you might not have thought about before.
Let’s look at those 5 Things:
1. Approach estate planning with a fresh mindset. There are often additional considerations when you remarry, including children and assets from a prior marriage—so planning ahead becomes even more vital. Prepare for whatever life may bring with thorough estate planning, including the creation of wills, trusts, and more. Be sure to consult with your tax or legal advisor.
2. Don’t forget to consider the house. As you develop your estate plan, your house can be the most emotionally charged asset. Consider: Who lived in it first? Was it the childhood home of the first marriage? Can either of you afford it on your own? Have an open conversation with your spouse on what you want to do with the home in the event one of you predeceases the other.
3. Take care of the entire blended family. If children are involved and families are blended, planning is essential so all parties will know what will happen if one spouse predeceases the other. Life insurance can help ensure family members are able to maintain their lifestyle, including continuing their education, paying the mortgage, and so much more (This one is near and dear to my heart. While I was not married, I was in a long term relationship with someone who had 3 children. We had a total of 4 and each child was mine, biological or not. Treat all children as if they are your own)
4. Consider your future care. Going through life may require a little help along the way as we age. Planning for that help can provide you with added peace of mind, especially since women are more likely to need care and for longer periods of time. There are several financial solutions that can help protect your family and preserve the assets you’ve worked so hard to build.
5. Determine your decision maker. Under federal law, only one person at a time can make health care decisions. When you’re in a second or third marriage, you’ll need to determine who will be your decision maker for health care and financial issues—your spouse or your children. Have a conversation with your family, and consider working with an attorney to put a plan in place.
If you have any additional questions or comments, please feel free to post here or email me at: email@example.com
Next Up: Did You Know Series – This will be a questionnaire on general topics – The answers will be shared the following week…..
As always, thank you for reading!
Have a beautiful and blessed week!
Changing the lives in our community….one family at a time