By: Martin M. Shenkman, CPA, MBA, JD
If you are in the process of a divorce, a final conclusion can be a years off. During this wait, be sure to update all of your estate planning documents in light of your new situation. For example, name persons other than your ex-spouse to be agent. Secure resignations of your ex-spouse’s family as fiduciaries. Old powers of attorney and other documents need to be revoked. Weigh the cost of using a married filing separate tax status versus married filing joint. If the amounts are not significant, it is better to begin the separation of tax filings earlier (If an audit occurs in three years, the entanglements are often not worth the initial tax savings). If your parents are planning their estates, they should limit bequests to you in lifetime discretionary trusts.
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