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Hello All -

Here's the background:

Divorced. One 10 year old child from that marriage. Remaried. One 3 month old from this marriage. 39 Years Old.

I have:

401K
403B

Two Term life insurance policies. One through work ($50,000) and another ($120,000).

Looking for recommendations/direction on how to appropriately split the the proceeds upon death between my current wife and two children. Is there a good way to approach this? If I die before my first child turns 18, custody will go back to her mother and I don't want to have to worry about my current wife dividing up proceeds appropriately.

All replies are appreciated.

Thanks



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pureman,

You may want to post this question on the Inheritance Strategies and Estate Planning boards. I'm sorry, I'm not up on the intricacies. One comment though, I'd like to see you increase your life insurance holdings unless those 401(k) and 403(b) accounts hold significant enough sums to tide your current wife and kids through without you.
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pureman,

i really dont feel qualified to make your personal decisions. nor would i feel anyone here would.

the 10 year old is getting close to colege age. the other one you have more time to save for.

is $170k suffient life insurance? do you have college plans? what terms are you and your X on? who is/are the beneficiaries on your 401/403b? have a house? were there stipulations in your divorce? did you make a prenuptual agreement before #2?

i reccomend speaking to a lawyer, a lot. you have dozens of decisions to make, and then write down in a legal will.

joe
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pureman,

Like the others, I don't feel qualified to help you plan your beneficiaries.

However, the 401k (and probably the 403b as well) *must* have your wife as the beneficiary -- by law -- unless she signs documents allowing someone else to be the beneficiary. Even if you fill out the forms designating someone else, she will still be the beneficiary if she does not sign off on the other person in her place.

ACME
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