Marital vs. Non-Marital Assets: Estate planning is not divorce planning. Without a pre- or post-nuptial agreement, marital assets are subject to equitable division in a divorce proceeding.
Effective for divorces finalized after January 1, 2019, alimony payments will no longer be tax-deductible by the paying spouse and will not be added to the taxable income of the receiving spouse.
Probate vs Non-Probate Assets
Probate is a public-court process that helps settle legal and financial matters upon death according to a will, if written.
Court costs, length of time, the lack of privacy and family disagreements are all potential issues that may arise within the probate process. With proper estate planning, you can limit the amount of assets that pass through probate.
Digital Assets: Nearly all 50 states have passed a version of the Uniform Law Commission’s Fiduciary Access to Digital Assets Act, Revised that legally allows for an executor, trustee, etc. to access a deceased’s digital accounts. Consider discussing your digital estate with your attorney and the potential need to share online access information with your executor.