Q: Later life marriage; how to make sure my son gets his inheritance?
Never thought this would happen, but I found someone and seems the only way they’ll let this Thai woman (Tang) and I to be together is to get married and apply for a spouse visa. I am 61 and have to stay in US and work for 4 more years until son graduates from HS.
Fiancee is… amazing. Just… awesome. Almost my age, and we’re both v young at heart. A real partner; brings sooo much to table. One of the things she does NOT bring to table is money and I’m good with that.
THAT SAID, I don’t have much but I want my stuff to go mostly to my son, and one of my IRAs to go to my Fiancee. Our understanding is that we/she will return to Thailand so one of my accounts should be a wealth for her there.
Assets are mostly in three groups:
~7 IRAs worth, currently, ~u$500k
~sale of house, guess $250-400 after all is said and done, to trust.
~social security survivors, to son (seems since Tang isn’t in US system, she is not eligible?)
Help?
THANKS!
A:
Assuming your seven IRA account "holders" are reliable and will be around when you pass, under PA law, and the law of all states I know of, wealth will pass by your contracts to your designee adult without having to go through probate or court.
Same with an irrevocable trust transfer during life, if the transferor is not the also the trustee. Ensure that the Trust has the financial wherewithal it needs to do the things you desire.
Also, be specific about identifying your beneficiaries or IRAs, trusts, or whatever.
For second marriages where children are involved, it has become more common to use an antenuptial agreement that spells out with specificity how assets are to be distributed, and by what ancillary documents, if any.
It will be easiest of the IRS distribution to Thai spouse is done while she's still in the US.
More is needed, from both you and your lawyer, but this is a good start. You should also consider an accountant/tax lawyer to "bless" the tax effects you intend.
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