Nowadays, blended families are becoming common, which can complicate matters when it comes to estate planning. Families with children from more than one marriage have to take certain issues into consideration that other families don’t. The following are some tips for developing a strategy that will address those issues and lessen the chances of a family dispute occurring later on.
One of the first topics which should be considered is the children’s age when the second marriage occurred. If your children were young when you remarried, avoid thinking of them and any children from the second marriage as if they were all from the first. Doing so is generally not a good idea as each set of children needs different provisions. This is especially the case if you and your spouse both have older children from a previous marriage at the time a second marriage occurred.
Your Spouse’s Age and Why it Matters
Your spouse’s age is another factor that should be considered when planning your estate. Special provisions should be made, especially if your second spouse is young. This takes into consideration the fact that a significant amount of time still exists before the spouse’s death and any inheritance issues result. Failure to take this into consideration when structuring your will could result in much tension and stress for your loved ones.
Estate Taxes: To Pay or Not to Pay?
Taxes can be another issue depending on the size of your estate and whether it raises any concerns. Lawyers and financial advisors may advise you to leave everything to your spouse to take advantage of the marital deduction. However, depending on the circumstances, you can keep your family’s harmony intact if some estate taxes are paid and the children are allowed to get their inheritance right away.
Let Us Help You Plan
Blended families require more careful consideration, which is why you should work with a knowledgeable estate planning attorney. Making an equitable will for blended families is not impossible with the help of the McAllen probate attorneys of Barrera Sanchez, LLC. Consult with one of our attorneys to help lessen the chances of family disputes or to avoid potential litigation after you pass away.