So you’re happily remarried, and you can’t imagine life being any better. You get along well with your step-children (or maybe you don’t). You’re retired now, and you and your spouse are really enjoying life. You’ve saved for retirement, and not only will your spouse have plenty to live on, but your own children will also receive a healthy inheritance. Or will they?
It’s important that your spouse has enough money to live comfortably after you’re gone, but there’s something you need to know. When you die, nothing (I really meant it, NOTHING) requires your surviving spouse to leave anything to your children. It happens all the time. A surviving spouse loses touch with step-children (your kids), and ends up leaving everything to their own kids. NOTHING goes to your children… NOTHING!
Please hear me when I say, “There’s a way to protect your spouse AND your kids!” It’s called a QTIP trust. With a QTIP trust, your assets can be used by your surviving spouse during his/her lifetime, but when they die, your assets then pass to your own children. Presto! It’s not rocket science, and it works! It allows you to balance your desire to protect your spouse AND your children. YOU CAN DO BOTH!
If you’re interested in finding out how I can help ensure your children receive their fair share of your inheritance, contact me at (813) 244-7758 or Ross@RossSpanoLaw.com.