Whether this is your first, second, or subsequent marriage, take a look at major legal documents to see if changes are needed. Even if you've been married for a while, it's not a bad idea to review these documents:

• Estate planning documents - If this is your first marriage, you may not even have estate planning documents. In that case, at least prepare a will and durable power of attorney, so that state laws won't dictate how your estate is distributed after death. For those entering a subsequent marriage or with children, thoroughly review your estate planning documents. You may need to make changes to provide for your spouse while also protecting your children, which could involve setting up trusts. Due to tax law changes providing for the gradual elimination and then reinstatement of the estate tax, review your estate planning documents every couple of years.
• Asset ownership - Review how assets are titled to ensure they are consistent with your estate planning goals. If assets are owned jointly with rights of survivorship, that will take precedence over any provisions in your estate planning documents. Typically, a home, bank accounts, and brokerage accounts will be owned jointly, but you don't have to title assets that way. For automobiles, consider using the individual name of the person primarily driving the car. If the auto is owned jointly and one spouse's accident results in damages in excess of insurance limits, other jointly owned assets could be put at risk.
• Assets with beneficiaries - These assets would include life insurance policies, retirement plans, and individual retirement accounts (IRAs). For assets with named beneficiaries, these designations will take precedence over your estate planning documents.
• Business arrangements - If you are a partial owner in a business, review any agreements dealing with what happens to the business if you die or sell your interest. The agreement may need to be changed to allow your spouse to continue ownership after your death or for your spouse to become involved in the business.

After earning his BS in Economics from the University of Maryland, College Park, Jack entered the investment business. For over 30 years, Jack has been helping families and businesses throughout the Washington, DC Metropolitan area, and the United States, achieve their financial goals.

Jack lives in Potomac, MD with his wife Toni and their five children.

For a no obligation, no fee appointment, feel free to call us at, (301) 294-7500.

*Based on total revenues, as reported in Financial Planning magazine, June 1996-2009

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