Estate Planning Tip: Planning for Couples in a Second Marriage

There are many factors to plan and consider when preparing for marriage, especially if you have been married before.

Gold Wedding Rings

In a second marriage situation, it is important to discuss with your estate planning team exactly how estate taxes will be paid. If this is not properly addressed, there are situations where the estate taxes will be paid exclusively from the inheritance of the children of the first marriage. In this scenario, assets passing to the second to die’s heirs would not bear its appropriate share of the estate tax burden. With the proper planning, this unintended consequence can be avoided simply by including the necessary language in your will.

Alan J. Pecora, CPA, Esq. is a principal in our tax department with more than 22 years experience in the estate & trust area. Alan joined Insero & Co. in 1999 after practicing with various law firms. He concentrated his law practice in the areas of estate & trust administration and tax law. Alan is also a member of the Estate Planning Council of Tompkins County. Alan holds a Bachelors degree in business administration with a concentration in accounting from St. Bonaventure University. He obtained his law degree from Seton Hall Law School. Alan is a Certified Public Accountant in New York, a member of the Monroe County Bar Association, Trust & Estate Section and a member of the Estate Planning Council of Rochester. Contact Alan at 585-697-9612 or alan.pecora@inserocpa.com.

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Posted in Business Updates, Estate Planning
One comment on “Estate Planning Tip: Planning for Couples in a Second Marriage

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