Estate Plans For Blended Families

Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected.

Estate plans for blended families.

This trend has resulted in a large number of blended families with special. Families with children whose spouses have children from previous marriages. As a result a tremendous number of blended families exist in the united states today a blended family is defined as a family that includes children from a previous marriage of one spouse or both. Financial planners need to work closely and continuously with blended families to ensure their often diverse and complex financial goals are met successfully said jacqueline power director of tax and estate planning with toronto based mackenzie financial corp.

Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Of those divorced from their first spouse over half will remarry. How to estate plan with blended families. Typically individuals in blended families want to provide for the spouse as well as the children from the previous marriage.

Not only are the financial issues of blended families more complex but the emotional issues around those decisions are much more intense especially when dealing with the competing. As the rates of divorce and remarriage climb those with recently blended families may be witness ing the emergence of troublesome estate planning issues. Drafting an estate plan by no means ensures a smoothly blended family. At the canadian institute of financial planners 16th annual national conference in halifax on tuesday.

I wonder what their estate planning looked like. Estate planning for blended families. Blended families can face complex estate planning challenges. In today s world many first marriages end in divorce.

While any estate planning must be done on a case by case basis the following are options to consider for blended families. If it s deemed an existing estate plan doesn t provide adequate support. That s why it s critical to maintain meaningful and ongoing communication among all concerned parties. Issues can arise between spouses or between children and their spouses.

4 tips on getting it right.