For a variety of reasons, emotional and romantic, prenups  can be a difficult subject for the parties about to marry to discuss, much less have prepared and signed. Contemplating the end of marriage before it has even begun is a big wet rag.

If it's not your own pending nuptials that have you wondering, then you may instead be concerned about your family's assets with regard to your  adult children as they enter into marriage. Through proactive estate planning, you can preserve your family's assets in the event of a divorce, even after you are gone.

One alternative, among others, to a prenup is for a person about to be married to create and fund a Revocable Living Trust. While not as effective as a prenup in the event of a later divorce, the revocable trust provides a relatively easy way to identify and segregate the separate property of someone about to marry, and to permit that spouse to have exclusive control over the property during the marriage.  

For example, with real estate owned by a married person (whether it was acquired before or during the marriage) a spouse acquires an interest known as dower. The real estate cannot be sold without both spouses signing the relevant documents (the deed or mortgage). If real estate brought to the marriage is in a revocable trust, the spouse who brought the real estate to the marriage retains complete control of the real estate. He or she can sell without the spouse's participation. Further, assets owned by a revocable trust are outside the jurisdiction of the probate court upon the death of the trust's grantor. The trust agreement will control the disposition of the assets owned by the trust. The spouse does not have a legal right to contest the terms of the trust.  

In some cases though, a prenuptial agreement could be particularly useful for those with existing children and remarrying later in life.
Parents are often reluctant to share their estate plans with their adult children. Some may feel it's a private matter, only to be unveiled after their death. Many are afraid of creating relationship problems within the family, but explaining your decisions to your loved ones now will avoid surprises later.

Each April 2nd,  Autism Speaks celebrates the start of its signature campaign,  Light It Up Blue , along with the international autism community in recognition of UN sanctioned World Autism Awareness Day and April, World Autism Month.

Visit our Facebook page this month to see how the Resch, Root & Philipps team gets involved with #LIUB.

Upcoming Events

April 6, 2017
Parent Presentation to State Support Team 11
featuring Bill Root and Logan Philipps 

April 11, 2017
ECRN+ Special Needs Planning Presentation 
featuring Logan Philipps

April 21, 2017
Resch, Root & Philipps, LLC is a Signature Sponsor of this event to benefit Bridgeway Academy

April 27, 2017
Dublin Chamber of Commerce  Lunch & Learn: Financial Best Practices for Small Businesses in 2017 - Panel Discussion featuring Bill Root  

Click  here  for more information or to register for one of our upcoming events.

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