Divorce in the golden years : estate planning, spousal support, and retirement issues for clients at midlife and beyond

This manual details how to handle a divorcing couple?s assets while also considering issues related to their age or length of their marriage. It explains how this couple is affected by the established estate plan, intestacy and the issues raised when a divorcing client or spouse dies without a will, as well as other complicating factors such as medical directives, spousal support, and retirement plans. Include covering relevant issues by state, forms and checklists.

• Acknowledgments p. xi
• About the Author p. xiii
• Introduction p. xv
• Chapter 1 Nonprobate Assets p. 1
• 1 Introduction p. 1
• 2 Multiple-Party and Securities Accounts p. 3
• A Introduction p. 3
• i Part 1-Uniform Nonprobate Transfers on Death Act p. 3
• ii Part 2-Uniform Nonprobate Transfers on Death Act p. 4
• a Multiple-Party Accounts p. 5
• b Payable on Death Accounts p. 6
• iii Part 3-Uniform Nonprobate Transfers on Death Act p. 6
• B Other State Nonprobate AsseFStatutes p. 9
• 3 Individual Life Insurance and Individual Retirement Accounts p. 10
• A Introduction p. 10
• B Individual Life Insurance Policies p. 12
• C Individual Retirement Accounts p. 14
• 4 Revocation of Nonprobate Assets upon Separation/Divorce Statutes p. 15
• A Introduction p. 15
• B Constitutional Challenges of Revocation upon Divorce Statutes p. 19
• C Cases Interpreting UPC Revocation upon Divorce Statutes p. 19
• D Preemption by Federal Law p. 20
• i Employee Retirement Income Security Act of 1974 p. 20
• ii The Development of Federal Common Law p. 23
• iii The Death of Federal Common Law p. 25
• E Conflicts with Transfer on Death Statutes p. 29
• 5 Conclusion p. 31
• Notes p. 33
• Chapter 2 Intestacy p. 41
• 1 Introduction p. 41
• 2 Statutory Rights of Surviving Spouses p. 42
• 3 Application of Intestate Succession in Divorce Cases p. 44
• A Decisions to Remain in Marriage p. 44
• i Introduction p. 44
• ii Financial Analysis Comparing Divorce and Intestate Succession p. 45
• B Death After Separation and Before Divorce p. 47
• i Introduction p. 47
• ii Property Settlement Agreement Provisions p. 48
• iii Role of Fault in intestate Succession p. 50
• |4 Statutory Provisions for Financial Assistance After Death p. 51
• A Introduction p. 51
• B Statutory Provisions for Financial Assistancep52
• C Waivers in Property Settlement Agreements p. 53
• 5 Rigtits to Intestate Success on Following Divorce and/or An lulment p. 54
• 6 Conclusion p. 55
• Notes p. 55
• Chapter 3 Wills and Trusts p. 59
• l Introduction p. 59
• 2 Disinheritance of Spouses p. 60
• A Introduction p. 60
• B Wills Executed Before Marriage p. 61
• C Dower and Curtesy p. 62
• D Elective Share Statutes p. 63
• i Conventional Elective Share Statutes p. 63
• ii Revised Elective Share Statutes p. 66
• 3 Estate Planning Following Separation p. 67
• A Introduction p. 67
• B Tax-Planned Wills p. 68
• C Guardianship of Minor Children p. 70
• D Assets Devised to Minor Children p. 71
• 4 Trusts and Divorce p. 72
• A Introduction p. 72
• B Classification of Trusts p. 74
• C Marital Assets Held in Revocable and Irrevocable Trusts p. 75
• 5 Revocation of Wills and Trusts upon Divorce p. 78
• AtRevocation of Wills  p. 78
• B Revocation of Trusts p. 83
• 6 Conclusion p. 84
• Notes p. 84
• Chapter 4 Powers of attorney/medical Directives p. 91
• 1 Powers of Attorney p. 91
• AtIntroduction  p. 91
• B Revocation of Powers of Attorney upon Separation/Divorce p. 93
• C Remedies for Abuse of Powers of Attorney p. 94
• 2 Medical Directives p. 96
• A Introduction p. 96
• B Revocation of Medical Directives upon Divorce and/or Annulment p. 97
• C Remedies for Abuse of Medical Directives p. 99
• 3 Conclusion p. 100
• Notes p. 100
• Chapter 5 Spousal Support and Equitable Distribution Factors p. 103
• 1 Introduction p. 103
• 2 Spousal Support Statutes p. 105
• 3 Factors Considered in Spousal Support and Equitable Distribution Awards p. 107
• A Introduction p. 107
• B Fault in the Marriage p. 108
• C Duration of Marriage and Other Factors p. 110
• D Age and Earning Capacity p. 113
• E Physical and Mental Condition p. 118
• Introduction p. 118
• ii Evaluation of Parties Physical and Mental Condition p. 118
• iii Payment of Medical Expenses p. 119
• a Introduction p. 119
• b Employer-Sponsored Health Care Plans p. 120
• c Medicare Coverage p. 122
• 4 Conclusion p. 127
• Notes p. 128
• Chapter 6 spousal Support: Methods of Payment, Amount, And Modification p. 137
• 1 Introduction p. 137
• 2 Methods of Paying Spousal Support p. 138
• A Classifications of Spousal Support p. 138
• B Payments for an Indefinite Period Versus Rehabilitative Spousal Support p. 139
• C Lump-Sum Spousal Support Awards p. 142
• D TaxationùRecapture of Spousal Support p. 143
• 3 Amount of Spousal Support p. 144
• A Introduction p. 144
• B Collection and Enforcement of Spousal Support Awards p. 145
• C Monthly Income and Expense Evidence p. 146
• D Particular Monthly Expenses p. 148
• i Health Insurance Costs p. 148
• ii Long-Term Care Insurance/Medicaid Planning p. 148
• E Taxation of Spousal Support Awards p. 150
• 4 Modification of Spousal Support p. 152
• A Introduction p. 152
• B Ability of Courts to Modify Spousal Support Awards p. 153
• i Court-Ordered Spousal Support p. 153
• ii Spousal Support by Agreement p. 154
• C Modification of Spousal Support upon Retirement p. 156
• i ModificationùNormal Retirement Age p. 156
• ii ModificationùEarly Retirement p. 160
• iii ModificationùProspective Retirement p. 163
• 5 Conclusion p. 165
• Notes p. 165
• Chapter 7 Retirement Plans p. 179
• 1 Introduction p. 179
• 2 Application of State Law to the Division of Retirement Benefits p. 181
• A Introduction p. 181
• B State Law Provisions for Retirement Benefits p. 183
• 3 Employer-Sponsored Retirement Plans p. 188
• A Introduction p. 188
• B Available Benefits Are Not Automatic p. 188
• C Establish a System for Handling Retirement Assets p. 190
• i Identification of Retirement Plans p. 190
• ii Obtain the Plan Documents p. 191
• iii Process the Plan Information p. 193
• D Qualified Domestic Relations Orders p. 194
• i Introduction p. 194
• ii Basic Contents of QDROs p. 194
• iii Malpractice Concerns p. 196
• 4 The Development of Employer-Sponsored Retirement Plans p. 198
• 5 Administration of
• 6 Application of ERISA to Employer-Sponsored Retirement Plans p. 203
• 7 Defined Contribution Plans p. 204
• A Types of Defined Contribution Plans p. 204
• B Defined Contribution PlansùAccount Balances p. 205
• C Additional Benefits Under Defined Contribution Plans p. 206
• i Awards of Gains and/or Losses p. 206
• ii Death of Alternate Payees or Participants p. 208
• iii Actions Taken by Participants p. 208
• iv Summary of Defined Contribution Plans p. 209
• 8 Defined Benefit Plans p. 210
• A Types of Defined Benefit Plans p. 210
• B Defined Benefit PlansùAccrued Benefits p. 211
• CtSeparate Interest/Shared Interest QDROs for Defined Benefit Plans  p. 213
• i Introduction p. 213
• ii Separate Interest QDROs p. 213
• iii Shared Interest QDROs p. 214
• D Additional Benefits Under Defined Benefit Plans p. 215
• i Cost of Living Adjustments p. 215
• ii Early Retirement Benefits p. 216
• iii Survivorship Benefits Under Defined Benefit Plans p. 216
• a Introduction p. 216
• b Qualified Preretirement Survivor Annuity p. 217
• c Qualified Joint and Survivor Annuity p. 218
• E Summary of Defined Benefit Plans p. 219
• 9 Nonqualified Employee-Sponsored Retirement Benefits p. 219
• 10 Social Security Benefits for Divorced Clients p. 223
• A Introduction p. 223
• B The Basics of Soclal Security Benefits p. 224
• C Divorced Spouses' Social Security Benefits p. 227
• 11 Conclusion p. 229
• Notes p. 230
• Appendix A State Uniform nonprobate Asset statutes p. 239
• Appendix B state Surviving Spouse, Dower & Curtesy, & elective Share Status p. 243
• Appendix C State UTMA & Trust statutes p. 247
• Appendix D State Revocation| upon Divorce/Annulment statutes p. 251
• Appendix E State Power of attorney & Medical Directive Statutes p. 255
• appendix F checklist for chapters 1-4 p. 259
• appendix G state spousal support factors: fault, Duration of Marriage, Contributions to Well-being, and Contributions to Education p. 265
• Appendix H State Equitable Distribution Factors: fault, Duration of Marriage, contributions to Well-being, and Contributions to Education p. 271
• Appendix I state spousal Support Factors: standard of living, Age, Health, and Health Insurance p. 277
• Appendix J State Equitable distribution Factors: Earning Capacity, standard of Living, Age, and physical and mental health p. 283
• Appendix K Checklist for Long-Term Marriages p. 289
• appendix L Modification of spousal support Court Ordered and property Settlement Agreements p. 299
• Appendix M Division of retirement benefits in Divorce p. 325
• Appendix N Property settlement agreement Provisions Defined Contribution and defined benefit Plans of XYZ Corporation p. 343
• Appendix O XYZ corporation Summary of defined contribution and Defined benefit Plans p. 353
• Index p. 361