In the aftermath of a divorce there are many issues that should be considered from a tax and estate planning perspective.
A will is automatically revoked by divorce. But other estate planning documents, such as trusts, Advance Health Care Directives, powers of attorney, and joint tenancy ownership are not!
Your divorce attorney should handle the following, but you will also need to consult with a tax and/or estate planning attorney to make sure these items are handled correctly:
- Your revocable trust is revised or completely rewritten;
- Your insurance beneficiaries are changed;
- Your power of attorney is changed;
- Your Advance Health Care Directive is changed;
- Joint bank or securities accounts or real estate titles are revised;
- Joint ownership of safety deposit boxes is terminated;
- If you have a pension plan or IRA, the court issues a Qualified Domestic Relations Order (QDRO) dividing this.
Handling these and other similar tax and estate issues properly during the divorce will save you and your heirs much aggravation and tax dollars!
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