#153: Estate Planning -- Marital Assets

Today, Josh and Amelie continue the series on Estate Planning! This week, they discuss marital assets (and debts).

Takeaways:

1. Estate planning can also plan for the death of a marriage.
2. Ultimately, it comes down to “is this something that both parties have a right to/will split?” or “is this something that only one party has a right to?”
3. Some states' policies follow the English tradition (“common law states”); others follow the Spanish tradition (Arizona, CA, Idaho, Louisiana–kind of, Nevada, New Mexico, Texas, Washington, Wyoming) (“community property states”).
4. It can be very easy to comingle assets which can affect estate planning.
5. Depositing an inheritance into a joint account is comingling.
6. Pensions get much more complex–different pension plans will have different rules.
7. Pre-nups are extra important in the case of blended families.

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