If you are a blended family member, you are in good company. Blended families now outnumber traditional nuclear families. And the number is likely to grow based on current statistics and trends.
There are many challenges that come with this situation. One is making sure you that disinherit your ex-spouse, protect your own children, provide for your new spouse, and minimize your estate taxes. When it comes to your ex-spouse, make sure you that review all of your beneficiary designations, especially your 401k. If your ex-spouse is still your beneficiary, despite what state law may say otherwise, he or she will still inherit your 401k. When it comes to your own children, make sure you have made arrangements so that your ex-spouse may not manage the inheritance or even inherit through your children, even if they may be the natural guardian - back up parent - for your minor children. Make proper estate planning arrangements now.
When it comes to your new spouse, in absence of a pre-marital agreement to maintain separate assets, most spouses in blended families tend to blend their wealth over time. Make sure that you and your new spouse have a clear understanding on who is to inherit what, when, where, how and why. And when it comes to estate taxes, make sure that you and your new spouse have a game plan to make sure that you keep more money within your family, blended or otherwise, and you leave fewer dollars to the IRS.
We can help you protect everyone you love and everything you have. There are three easy ways to schedule your initial consultation. First, give us a call at 443-470-3599. Second, send us an email. Or third, request a consultation through our online form.
If you have a question, a comment, or simply want to have a conversation and explore how we can help, we'd love to hear from you.