Three Things to Know if You are Considering a Divorce After 50
One of the most significant issues in a divorce later in life is the squeezed time frame to recover financially. A divorce means dividing assets with your spouse. Current market value is not the exclusive consideration of an asset. Some assets will become more valuable farther down the road. Deciding who gets the house is a primary example. Age triggers eligibility for tax exemptions and waivers for real estate tax. A reverse mortgage, which can offer a potential stream of...Read More
Assets Uncovered After the Estate has Closed
Sometimes, estate or trust administration appears to be all wrapped up, and the estate is officially closed or the trust is terminated. Then weeks, months, or years afterward, other assets are discovered. Now what? Generally speaking, guidelines to distributing assets discovered after an estate has been closed encompass the following: When someone dies intestate (without a will), state law determines the rightful heirs of the estate’s property. Newly discovered assets will be distributed by the same formula. If the decedent...Read More