Friday, July 27, 2012

Houston Rockets' Jeremy Lin talks Knicks fallout, silencing critics -

Children can be conned out of inheritance after multiple marriages

BY CAROL ABAYA NEWJERSEYNEWSROOM.COM THE SANDWICH GENERATION Multiple marriages and blended families can mean children get cheated out of money and assets their parent(s) earned and had before the second or third marriage. At the 2012 senior citizens’ law day conference, Lawrence A. Friedman, Bridgewater elder law attorney, said elders need to protect their children of prior marriages from being disinherited. "Even if your spouse’s current will provides for your children, your spouse may change it after you pass away,” he said. In addition to protecting one's child, an appropriate will can minimize N.J. estate taxes, which kick in if assets are over $675,000. At the conference, Cathyanne Pisciotta from North Brunswick discussed guardianship which could be necessary if various legal documents are not signed. Pisciotta said that if a person does not have a durable power of attorney (for financial affairs) and a living will (for medical decisions), anyone else can seek guardianship of that person. An expensive court proceeding is mandatory. And she said, “If one person seeks guardianship, someone else can challenge the appointment. Another relative may seek to be appointed guardian because he/she wants the money and power.”

No comments:

Post a Comment