How does Divorce Affect Gifts Made in Trust?

Dear Mr. Premack: My mother was widowed for many years. During that time, she created a revocable trust to hold her property. A few years later, she got married and eventually changed the trust to give some money to her husband’s children if she were to die. That marriage ended in divorce, but she remained…

What effect does Divorce have on Will and POAs?

Dear Mr. Premack: My husband and I have just divorced after an 8-year long second marriage. We each have children from our first marriages. While we were married, we made Wills that left everything to each other. Then our Wills said that if we died together in an accident or something, everything would go half…

Support Payments Are Taxable Income

Dear Mr. Premack: After nearly forty years, I am recently divorced. Part of the divorce agreement was that my (now) ex-husband has to pay support to me. Does that support have to be included in my income? — VF I would suggest you ask your accountant, but Federal law states that routine support payments received…