Sarah Stewart Legal Group, PLLC

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Month: July 2018

4 Benefits to Talking to Your Teen About Prenups

By: Sarah Stewart Legal Group

It is common knowledge that the divorce rate in the U.S. hovers around 50%.  Parents, especially those who have been through divorce themselves, are aware of the complications divorce can cause, particularly for young couples.

Though having a contract in place before marriage may not sound sexy, prenups are a great idea for young people looking to start their families.  Parents can make their children’s lives easier by bringing up the topic of prenups when their children first start dating, usually in their teens.

There are 4 benefits to talking to your teens about prenups before they find the person they want to be with forever.

(1) Prenups Are Good For You

We all hear the horrible stories about divorce battles fought in court.  Some of us may have even lived them.  Prenups make those battles much easier because you have a template to follow when you’re going though the process.  You planned out what would happen before you even got married, so the court, given no unforeseen circumstances, will generally honor the contract.

A divorce that could have taken years to complete, can be done in a matter of weeks.  That can save you, or your kids, a lot of stress and time!

(2) Teach Your Kids About Prenups So They Know What They Are

For many of us, the concept of a prenup never came up before we were engaged and thinking about marriage.  Then, for some of us, thinking about the end of the marriage to the person we love before the marriage has even started, seemed in poor taste.

Educate your kids now so that they know what these documents are and what they mean.  Then, they and their future fiance will know what is available to them and the benefits of having a prenup in place.

(3) Protect Family Wealth and Inheritance

The reality is, if you are wealthy and your children stand to inherit a significant amount of wealth, a prenup will be even more beneficial to them than the regular Joe.  Prenups protect those inherited assets from the future spouse.

Moreover, for couples who marry later in life, they often bring in their own significant assets- real estate, retirement accounts, businesses, etc.  For couples marrying later, a prenup allowing them to keep their assets separate is extremely beneficial if you end up in a divorce later in life.

(4) You’re Not Attacking Anyone

People can become defensive when they are confronted with advice about prenups after a proposal.  They can think breaching the topic means you don’t like their current partner.  If you can bring the subject up years before your child has found a significant relationship, you can take a lot of the emotion out of the subject and focus on the benefits your child can receive.

You may find bringing up the topic of prenups with your teen difficult.  Celebrity divorce and death are all over the news.  One way to start the conversation may be commenting on the current situation of a celebrity. You may also consider bringing your kids in for your estate planning discussions with your advisors and asking that advisor to discuss prenups.

However you choose to do it, talking about prenups with your kids is a great way to prepare them and protect them in the future!

Buzz Aldrin and Stan Lee’s Legal Battles Highlight the Need for Elder Care Planning

photo by Christina Korp

Photo by Frazer Harrison/Getty Images

By Sarah Stewart Legal Group

In the last month, 2 iconic American heroes have faced legal trouble due to aging that highlight the need for proper elder care planning, Stan Lee and Buzz Aldrin.

Stan Lee is the 95 year old godfather of the Marvel comic universe and usually appears in cameos in Marvel movies. Buzz Aldrin is one of the first men to walk on the moon during the U.S. moon landing on July 21, 1969.  He is now 88 years old.

Stan Lee

In June, Stan Lee’s caregiver, Keya Morgan, came under investigation by Los Angeles police for elder abuse.  Morgan is accused of exploiting Lee’s impaired vision, hearing, and judgement by isolating Lee from his family and friends and moving him out of his longtime home.

Morgan is a memorabilia dealer who befriended Lee’s only child, J.C. Lee, and began taking control over Lee’s assets and home.  A restraining order filed by an attorney for Lee claims Morgan used Lee’s advanced age and impairments to unduly influence him and isolate him.

Morgan reportedly fired Lee’s workers, including the longtime attorney who filed the restraining order, and isolated Lee from friends and family, including his only daughter.

Investigations are ongoing.

Buzz Aldrin

In late June, Buzz Aldrin filed a lawsuit against 2 of his children and a former business manager. He accuses them of improperly using his credit cards, transferring his money without his permission, and slandering him by wrongfully claiming he is suffering from dementia.

A week before Aldrin filed his lawsuit, the 2 children named in the lawsuit filed a case in Florida asking to be named as his legal Guardians.  They claimed Aldrin was the subject of elder abuse by new friends who isolated him from family, gained control over his assets, and were spending his assets quickly.

The Petition claimed Aldrin suffers from confusion, memory loss, and delusions. In April, Aldrin took an evaluation with a geriatric psychologist and was found to be in superior mental health. A Court-appointed mental health evaluation was set to take place the week Aldrin filed his lawsuit.

Aldrin’s case asked the Judge to remove his son as Trustee from his accounts and claimed he revoked a power of attorney he issued to his son earlier, but his son continued to make financial decisions and business decisions on his behalf.

Aldrin accuses his daughter, and also his former business manager Christina Korp, of conspiracy, fraud, elder abuse and exploitation, and unjust enrichment.  Aldrin’s lawsuit  includes several businesses and foundations he owns.

The lawsuit is currently pending.

Take Away

As people age, their hearing, eyesight, mobility, and reasoning can become affected.  In order to properly protect their accounts, homes, and businesses, those close to retirement age should put plans in place to protect their assets and name people they can trust to work on their behalf when they cannot.

These documents usually decrease the need for a court intervention and guardianship.  But, if a guardianship becomes necessary, they often name someone the person trusted prior to their impairments to act for them.

Everyone should have a proper estate plan. If you or someone you love is reaching retirement age and hasn’t made an estate plan, reach out to a professional you trust today!

 

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