Estate Planning Tips for Florida Blended Families to Protect New Goals and Loved Ones
Estate planning for blended families presents unique challenges. Unlike traditional family structures, reports Barrons recent article titled, “When Remarrying Creates a Blended Family: Advice From Financial Pros,” blended families often involve complex relationships and diverse financial backgrounds, making the process of estate and financial planning more intricate. This article has tips for blended families on identifying overall estate planning goals and concerns and identifying heirs to protect your new family and future.
Estate Planning for Blended Families
There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
Protecting Inheritances in a Blended Family
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
A QTIP Trust Is Great for Blended Families
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
Estate Planning for Blended Families
Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
What a Blended Family Needs to Know about Finances
When combining finances as a new family, there’s lots to consider. To make the best choices, here are six key areas to plan ahead and consider.
Multiple Marriages and Blended Families Create Unique Situations
Planning for incapacity and death in a blended family requires a more complex approach than for traditional families. By its very nature, the blended family has more fault lines. As parents and stepparents age, planning needs to take this fact of modern life into consideration. Clarifying Roles…
How Do I Avoid Estate Planning Mistake with a Blended Family?
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
How Do You Split Estate in a Blended Family?
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Aging Parents and Blended Families Create Estate Planning Challenges
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
