Taxes may not be your clients’ top priority when you are helping them through their divorce, but many decisions made during this time can affect their situation. Sometimes these decisions can be costly. Listen as Rachael Leberstien, senior wealth relationship manager, discusses the 10 Tax Considerations in Divorce with Sharon Klein, president, Family Wealth, Eastern U.S. Region and head of the National Divorce/Matrimonial Advisory Practice.
Sharon Klein shares her insights in this article originally published on June 8, 2021, in Divorce Law magazine.When billionaires Bill and Melinda Gates announced their divorce after 27 years of marriage, a media frenzy ensued over news, including how their stunning level of wealth would be divided.Although the complications of divorce are magnified with the breakup of this power couple, their divorce underscores many important lessons that couples generally are well-advised to heed.
For nontraditional families, planning remains more important than ever.Planning for same-sex marriage and strategies for “nontraditional” and blended families are explored.Advances in reproductive technology are creating once unimaginable questions regarding inheritance rights and have given rise to a new area of law: posthumous birth laws.
Aside from being a huge life change personally and emotionally, being divorced or widowed can seem overwhelming from a planning and financial standpoint. The global pandemic has added an extra layer of stress and complexity in navigating a divorce or estate proceedings around court closings and delays, and against the backdrop of a volatile economy.
This article reprint was published in the January 2021 edition of Trusts & Estates magazine and provides an overview of some key state-level planning developments across the U.S.