PodcastWhether a first marriage ended in death or divorce, many individuals find a new partner and say “I do” a second time. Azriel J. Baer shared his insight with U.S. News on key financial moves to consider before taking a second trip down the aisle.
From the article:
Another option to protect assets prior to a marriage is to place them in a trust.
“Clients are afraid of trusts because they don’t understand them and they don’t want to give up control, but they are powerful tools,” says Azriel Baer, partner in the estate planning and trust and estate administration group of law firm Farrell Fritz in Uniondale, New York.
Placing a family business, real estate or other assets into a trust prior to a marriage ensures they won’t be subject to divorce proceedings. That’s because the trust takes ownership of those assets, and a designated trustee is responsible for managing them.
That transfer of ownership is what makes people nervous, but Baer notes that you dictate the trustee. “You can retain control to remove and replace that person,” Baer says.
Read the full article on U.S. News Here:
Saying ‘I Do’ for the Second Time? | Family Finance | U.S. News (usnews.com)
