On Inheritances and Second Marriages

Gary Botwinick is co-managing partner of Einhorn Barbarito Frost & Botwinick and Chair of the firm’s Trust and Estates/Taxation Practice Group. He is an estate planning expert with a deep background in taxation, estate administration, corporate formation, and succession planning. Gary shares some of the top issues that couples face in second marriages, especially if there are children involved, and gives important tips on how to make sure your assets pass on successfully. Estate planning isn’t just for the wealthy. Your estate plan should clearly outline how your assets will be passed on to your children, regardless of the size of your estate. Blended families often leave assets to their surviving spouse when planning how to divide assets after a death, but their spouse can easily change their mind. Children of the late spouse may be disinherited as a result. More people need to consider trusts as a vehicle to protect their families, instead of writing it off as something only rich people have. Have conversations with your children about money and spending habits. It teaches them lessons about financial responsibility and the value of a dollar. This is especially relevant for children whose parents have worked hard to provide them with a comfortable lifestyle. Resources Gary Botwinick on LinkedIn | Twitter Contact Gary: 973-6277 300 EihornHarris.com Stacy Francis on LinkedIn | Twitter Email: [email protected] FrancisFinancial.com Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!