Estate Planning for Blended Families
Estate Planning for the Blended Family
Balancing the needs of a multi-generational blended family with your own wishes can be a complicated task, especially when it comes to estate planning. With a majority of Americans not only marrying once, but twice, three, or even four times during their lives, it is a challenge that will come to many.
Even when blended family members get along, estate planning can be complicated. The potential for acrimony among family members can be so great that some people choose to avoid addressing the issue of who will inherit what altogether. However, as any estate planning attorney will tell you, having no plan is not a good plan.
Overall, an effective estate plan for a blended family will ensure that:
· An ex-spouse will not inherit (unless you want them to);
· Your own children are protected;
· Your current spouse is provided for;
· Any estate taxes are minimized.
Estate plans are specific to your circumstance and family so it is always a good idea to consult with an attorney who works in this area before finalizing your plan. Although there are tons of online resources, planning for the blended family does not make a good do-it-yourself project.
Listen to my friends Heather and Vera discuss the painful experience of having to deal with grief and loss while at the same time discovering her parent's life savings and personal mementos will be given to a step-parent and step-sibling.
A Personal Family Lawyer can provide you with the individual attention you need to create an estate plan for your blended family. If you’d like to learn more about estate planning for blended families, call our office today to schedule a time for us to sit down and talk.
We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, we’ve opened up certain time-slots for you to complete a planning session at no charge.