Second marriages can be exciting—it’s a brand-new beginning in life! But if you’re marrying into a family with kids, it can also present some unique challenges. One of these is the question of estate planning. Estate planning for blended families comes with some new wrinkles to consider, but with the help of an experienced attorney, you can easily navigate these challenges and secure your legacy.
Estate Planning Considerations for Blended Families
Estate planning for blended families—families where one or both spouses have children with another person—is, in many ways, similar to estate planning for other types of families. There are a few extra considerations, though, to take into account.
Among the most significant include:
Dividing assets among children. For non-blended families, it’s common for parents to distribute their assets equally among their children. In a blended family, however, you may be both a biological parent and a stepparent to different kids. As a result, you may want to leave more of your estate to your biological kids, but you’ll want to be sure that no one feels left out.
If you or your spouse have minor children, you’ll need to consider the question of guardianship. For kids with both a biological parent and a stepparent, the issue becomes a bit more complicated. Choosing who will look after your children if you should pass on is a thorny question, but one you’ll need to talk over with both your kids and your spouse.
Tax Considerations. Blended families present an additional challenge when it comes to considering any tax penalties that may be associated with your estate plan. Transferring generational wealth is subject to estate tax laws, and these may be more complicated in a blended family. Knowing where you stand when it comes to estate taxes and inheritance rights will help you navigate these tax burdens.
Communication is always very important when it comes to estate planning. Ensuring that everyone knows their role in the process is essential to securing a smooth outcome. In a blended family, with its complex dynamic and additional potential for hurt feelings, communication is even more important. Talking to your children, stepchildren, and spouse is a vital part of the estate planning process.
Contact Deliberato Law Center
If you have any questions about estate planning for blended families, do not hesitate to contact the experienced attorneys at Deliberato Law Center. Give us a call at (216) 341-3413 or fill out the form below and start securing your legacy today.
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