Connect with us

Finance

Finance expert reveals simple trick to avoid inheritance battles for divorcees who meet new partners later in life

Published

on

Finance expert reveals simple trick to avoid inheritance battles for divorcees who meet new partners later in life

Legal and financial experts have revealed how couples who meet and remarry later in life can avoid nasty inheritance battles. 

Advertisement

Americans 65 and older are increasingly getting remarried following the death of their spouse or a divorce, according to research from the National Center for Family and Marriage Research at Bowling Green State University. 

But those finding love in their golden age may need to work out how they would split their assets – including real estate and retirement accounts.

They may also have disagreements over whose adult children inherits what.

To avoid these issues, Lee Meadowcroft, of Skinner Law in Portland, Oregon, told the New York Times he advises couples to simply keep their bank accounts separate – though he noted that it is difficult to maintain separate accounts.

‘Keeping everything separate seems to work the best, but it’s a rare couple who can actually do that for a long time,’ Meadowcroft admitted.

Advertisement

‘Although there are ways of protecting finances and keeping things very clear, practically, those things fall apart.’

In those cases, Meadowcroft suggested it may be better for older couples to simply stay together but not remarry.

Lee Meadowcroft, of Skinner Law in Portland, Oregon suggested older couples keep their assets separate

Americans 65 and older are increasingly getting remarried following the death of their spouse or a divorce

Americans 65 and older are increasingly getting remarried following the death of their spouse or a divorce

Advertisement

‘It can get so messy and it can cause so many problems,’ he said.

Michael Fiffik, a managing partner at Fiffik Law Group in Pittsburgh, Pennsylvania agreed – noting that marriage triggers inheritance rules for certain retirement assets.

If one spouse has a retirement account, for example, they may be required to name the other as a beneficiary.

But if the spouse with the account wanted to bequeath the asset to someone else – say a child – he or she would have to get their new spouse to legally cede their right to it.

For some widows and widowers, remarriage may also mean forfeiting pension or Social Security benefits.

Advertisement

To avoid these issues, Meadowcroft recommended what one of his client couples, who were both in their 80s did and have a ceremonial marriage – but never actually obtain a marriage license.

‘They said, in the eyes of God, they’re married,’ Meadowcroft recounted. 

‘The state’s purpose for marriage doesn’t have anything to do with that. It’s simply who gets your stuff when you die.’ 

Sometimes it may make more sense for an older couple to not remarry

Sometimes it may make more sense for an older couple to not remarry

But for those who do decide to remarry, experts recommend taking a number of precautions – including getting a prenuptial agreement, life insurance and putting assets in a trust.

Advertisement

‘Having a prenup is important because it forces a conversation of what happens if this marriage ends because of death,’ Ginger Skinner, a colleague of Meadowcroft’s who works as a founder of an estate law practice in Portland, explained.

She noted that the discussion in itself can bring to light assumptions or differences between spouses, even if it is uncomfortable.

Life insurance, meanwhile, allows people to allocate assets intended to be inherited by spouses or children from previous relationships.

And for those who have significant assets, trusts can protect their financial legacy. 

Advertisement

Advertisement

Finance

Departing inspector general targets Council Office of Financial Analysis

Published

on

Departing inspector general targets Council Office of Financial Analysis

The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.

Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.

In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.

But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”

“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.

Advertisement

Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.

Jim Vondruska/Jim Vondruska/For the Sun-Times

But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”

Advertisement

The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .

Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”

The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.

“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.

The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.

Advertisement

The office was created in 2014 to provide Council members with expert advice on fiscal issues.

For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.

Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.

Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.

The office was further required to produce activity reports quarterly, not just annually.

Advertisement

Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.

Two years ago, a bizarre standoff developed in the office.

Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.

The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.

“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.

Advertisement

Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.

Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.

Continue Reading

Finance

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Published

on

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

Advertisement

Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

Continue Reading

Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

Published

on

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

Continue Reading
Advertisement

Trending