![](\"https:\/\/s3.amazonaws.com\/snd-store\/a\/80165209\/11_17_22_79323457_epb_560x292.jpg\")
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If you\u2019re taking a second trip down the aisle, you may have different expectations than you did when you got married the first time \u2014 especially when it comes to estate planning. For example, if you have children from a previous marriage, your priority may be to provide for them. Or perhaps you feel that your new spouse should have limited rights to your assets compared to those of your spouse from your first marriage.<\/p>\n
Unfortunately, the law doesn\u2019t see it that way. In nearly every state, a person\u2019s spouse has certain property rights that apply regardless of the terms of the estate plan. And these rights are the same, whether it\u2019s your first marriage or your second. Here\u2019s an introduction to spousal property rights and strategies you may be able to use to limit them.<\/p>\n
Defining a spouse\u2019s \u201celective share\u201d<\/strong><\/p>\n Spousal property rights are creatures of state law, so it\u2019s critical to familiarize yourself with the laws in your state to achieve your planning objectives. Most, but not all, states provide a surviving spouse with an \u201celective share\u201d of the deceased spouse\u2019s estate, regardless of the terms of his or her will or certain other documents.<\/p>\n Generally, a surviving spouse\u2019s elective share ranges from 30% to 50%, though some states start lower and provide for progressively larger shares as the duration of the marriage increases. Perhaps the most significant variable, with respect to planning, is the definition of assets subject to the surviving spouse\u2019s elective share rights.<\/p>\n In some states, the elective share applies only to the \u201cprobate estate\u201d \u2014 generally, assets held in the deceased spouse\u2019s name alone that don\u2019t have a beneficiary designation. In other states, it applies to the \u201caugmented estate,\u201d which is the probate estate plus certain nonprobate assets. These assets may include revocable trusts, life insurance policies, and retirement or financial accounts that pass according to a beneficiary designation or transfer-on-death designation.<\/p>\n By developing an understanding of how elective share laws apply in your state, you can identify potential strategies for bypassing them.<\/p>\n Using planning strategies<\/strong><\/p>\n Elective shares are designed to protect surviving spouses from being disinherited. But there may be good reasons for limiting the amount of property that goes to your spouse when you die. For one thing, your spouse may possess substantial wealth in his or her own name. And you may want most of your estate to go to your children from a previous marriage.<\/p>\n Strategies for minimizing the impact of your spouse\u2019s elective share on your estate plan include making lifetime gifts. By transferring property to your children or other loved ones during your lifetime (either outright or through an irrevocable trust), you remove those assets from your probate estate and place them beyond the reach of your surviving spouse\u2019s elective share. If your state uses an augmented estate to determine a spouse\u2019s elective share, lifetime gifts will be protected so long as they\u2019re made before the lookback period or, if permitted, your spouse waives the lookback period.<\/p>\n Seeking professional help<\/strong><\/p>\n Elective share laws are complex and can vary dramatically from state to state. If you\u2019re remarrying, we can help you evaluate their impact on your estate plan and explore strategies for protecting your assets.<\/p>\n \u00a9 2022<\/em><\/p>\n <\/body> If you\u2019re taking a second trip down the aisle, you may have different expectations than you did when you got married the first time \u2014 especially when it comes to estate planning. For example, if you have children from a previous marriage, your priority may be to provide for them. Or perhaps you feel that […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,9,10],"tags":[8,11,12],"class_list":["post-16411","post","type-post","status-publish","format-standard","hentry","category-articles","category-estates","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=16411"}],"version-history":[{"count":1,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16411\/revisions"}],"predecessor-version":[{"id":16412,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16411\/revisions\/16412"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=16411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=16411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=16411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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