Second marriages risk mixing money and property in ways that hurt kids' inheritances. Separate revocable trusts for each spouse keep assets distinct and lock in what each person's children will get, even if the surviving spouse remarries or faces bankruptcy.
Second marriages, they are potentially disastrous when it comes to money protection. Primarily 3 areas have the potential for destruction: money, property, and kids. I have a good solution. Today's world, both parties may come into a second marriage with significant holdings. Both parties may have significant concerns about maintaining separation of money and property, and both parties will be concerned about what their kids get when they exit the planet. A great solution to all these issues may be to create separate revocable trusts. Separate trusts will maintain separation of the assets during life, which is important. Important if there's a third marriage, and creates certainty for each party about what their kids will receive when they exit the planet. A joint revocable trust could be changed by the surviving spouse after the first death. If separate trusts are created, when the first party dies, that trust is set in stone. Doesn't matter whether the surviving spouse gets married again or goes bankrupt, the other party's kids will get exactly what was intended for them.
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