Articles Tagged with Blended Families

7.5.18With about half of all marriages ending in divorce, second marriages and blended families have become the new normal in many communities. Estate planning for a blended family requires three-dimensional thinking for all concerned.

An article from The University Herald, “The Challenges and Complexities of Estate Planning for Blended Families, ” clarifies some of the major issues that blended families face. When creating or updating an estate plan, the parents need to set emotions aside and focus on their overall goals.

Estate plans should be reviewed and updated, whenever there’s a major life event, like a divorce, marriage or the birth or adoption of a child. If you don’t do this, it can lead to disastrous consequences after your death, like giving all your assets to an ex-spouse.

4.3.19It seems like families need to spend more time discussing estate plans and their finances, especially if they are blended families, to prevent major disruptions.

For the second consecutive year, family conflict was named as the biggest treat to estate planning by estate planning and elder law attorneys and other professionals attending this year’s annual Heckerling Institute on Estate Planning.

The survey, conducted by TD Wealth, found that nearly half (46%) of respondents said that family conflict was the biggest threat to estate planning in 2019, followed by market volatility (24%) and tax reform (14%).

Blended familiesCouples planning to blend families often have to make financial arrangements that respect previous relationships with ex-spouses and their families. Issues range from childcare and eldercare to potentially complex matters involving businesses, investment assets and real estate. That’s why involving trained experts in stepfamily financial planning is a must.

Blending families can get complicated quite quickly when dealing with finances and the like, so you should speak with an experienced estate planning attorney on these matters.

The Kenyon Leadergives us a nice checklist of issues and solutions potential spouses and partners should consider in a recent article titled Yours, mine and ours: planning step-family finances.

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