Estate Planning within Blended Families

Author

Amy McGarry Law Office

Posted on

Mar 23, 2023

Book/Edition

Florida - Southwest

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Blended families are when people get remarried, but have children from a previous marriage. This can be a little trickier for estate planning, but nonetheless, very possible! This has become an increasingly common arrangement.

The biggest concern is ensuring assets are divided accordingly. In the event a Will is left solely to your new spouse, will your children be a factor in the surviving spouse’s own estate planning documents or beneficiaries of accounts you left for your surviving spouse? Do not worry, there are systems in place for this occurrence.

One way to ensure your children will still receive an inheritance from you is a trust. A Trust is established to hold your assets and will state how you want the assets to be distributed. An example, your spouse can receive some assets outright, and an income from other assets. Then when your spouse passes away, your children will receive the assets that your spouse was just receiving income. Just be sure to voice your concerns to your attorney to ensure that your wishes are honored even after your death.

Another example: if you have your new spouse as a beneficiary on your retirement accounts, such as an IRA or 401K. You may have your children listed as your contingent beneficiaries. If you are survived by your spouse, the spouse will now own that retirement account. The contingent beneficiaries are no longer a part of the plan. Your spouse needs to update the beneficiaries, and may not include your children as the primary beneficiaries to the account. Again, these are issues to discuss with your attorney and prepare a plan that will give your spouse the income from the retirement account, but the remainder to your children upon the death of your spouse.

While blended families can seem more complex, it is very important to plan ahead. Even if families are all getting along now, unfortunately, relationships can change after someone passes away. Your new spouse also will have similar concerns to make sure his or her children, or other family members are not forgotten. Just be sure to sit down with your new spouse and any family members you wish to involve and discuss your wishes in the event of your passing. At the end of the day these decisions are yours to make, whether that coincides with the wishes of all parties involved, or not. Contact us to get started with your estate plan.

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Your Local Law Firm has proudly served Southwest Florida, including Cape Coral and Fort Myers, for 27 years. Specializing in estate planning, long-term care planning, and probate, we strive to build lasting relationships with our clients at every stage of life's journey.With over 100 Medicaid applications submitted, 1,500 custom estate plans completed, and 200 probate and trust administrations closed, we have the experience and expertise to guide you through these important legal processes.Our team is dedicated to providing caring and personalized support. Since our founding in 1997, we have maintained a commitment to creating a warm, family-friendly environment where clients receive the trusted guidance they deserve.Led by Board Certified Elder Law Attorney Amy McGarry, our firm offers expertise in elder care law, ensuring that older adults receive the specialized legal assistance they need. Whether you require estate planning, probate assistance, or guidance on long-term care planning and Medicaid, we are here to help.Plan for the future with Amy McGarry Law Office. We are dedicated to serving the legal needs of the Southwest Florida community with integrity, compassion, and excellence.