Second marriages often require specific planning to protect the needs of members of more than one family.
Professional Estate Planning for Second Marriages
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Will a properly drafted estate plan meet the needs of all of my family members?
Yes. At the least, an estate plan can eliminate the possibility of disinheritance of your children and their descendants, protection of your spouse and his/her home and elimination of disputes regarding asset distribution between the family groups. Ultimately, you can control the disposition of assets for the members of your family.
Are there specific estate planning tools available for families of second marriages?
Yes. There are prenuptial and marital agreements, Life Estates, Wills, and a multitude of trusts specifically designed to meet the needs of today’’s blended families. A properly executed trust is often the answer.
What if I don’t have an estate plan and I become incapacitated?
There are many undesirable scenarios that can result. Most notably, your assets are NOT protected and your children may not have any say in your medical decisions, causing an imbalance within the family as each person may have different notions.
What would happen to my children from a previous marriage if my current spouse outlives me and remarries?
It is often the case that your children would be disinherited unless appropriate planning is undertaken. This issue, among many others, can be specifically addressed in the appropriate trust, ensuring the security of your children.
What special estate planning challenges do families of second marriages face?
Blended families have the burden of satisfying the needs of members of more than one family and the additional challenge of foreseeing the future and responding to what it may hold.
Is it possible to protect assets from former spouses but still support my surviving spouse and children?
Yes. Estate Planning translates into asset protection and ultimately peace of mind.
Do I need to think about what happens if my spouse enters a nursing home?
In this situation, it is imperative to realize that assets needed for nursing home care are NOT protected from a pre-nuptial agreement. It is crucial to put an estate plan in place before a crisis occurs.
Request a copy of our special report entitled, “Blended Families” for more detailed information.