From Bill and Melinda Gates to Ben Affleck and J-Lo, we love the gossip surrounding celebrity weddings, almost weddings, and divorces. But often, the real-life consequences and marriage finances of those weddings, almost weddings, and divorces are anything but Hollywood glam.
Matrimonial Law Professionals Know Family is Complicated, so it’s Best to Be Prepared When it Comes to Marriage Finances.
In today’s episode of the Taxgirl podcast, Kelly is joined by Mela Garber to discuss marriage, taxes, and estates. Mela is a Tax Principal at Anchin. She has extensive experience handling all aspects of taxation and planning for high net worth families, their trusts, and estates. As Tax Leader of Anchin Private Client and Leader of Anchin’s Trust & Estates Services and Matrimonial Advisory Groups, Mela assists women in matrimonial issues, working with divorcees and widows, helping them navigate through their new financial lives.
Listen to Kelly and Mela talk about divorce and finances:
- A lot of people are talking about divorce right now because of Bill and Melinda Gates, but what kinds of issues do you commonly see with couples in a divorce?
- What are some practical planning tips to consider during divorce, such as selling a house or divvying up retirement accounts?
- How to gather a team of professionals to help through divorce proceedings.
- Thinking about what comes next, and what happens with marriage finances in the case of remarriages?
- How does Mela recommend working out trusts and family finances amidst remarriages and blended families?
- When setting up trusts, should there be an independent trustee?
- Dealing with pushback when clients don’t want to name an independent trustee.
- Planning wisely and being prepared for a financial conflict that may arise years down the road.
- Having conversations with clients about how to determine what is the appropriate amount of money needed to maintain a certain lifestyle after divorce.
- How often should estate planning documents be reviewed?
- Why it’s important to stay on top of proposed bills that would change how assets could be taxed after the death of a family member.
- Does Mela advise increased lifetime giving among blended families for estate planning?
More about Kelly:
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
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