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Four Helpful Estate Planning Tips for Blended Families

Estate planning is often complex. For people who are estate planning around blended families, the process can be particularly challenging. Blended families can take several forms, the most common of which is married couples who have children from previous marriages. Typically, people in blended families want to make sure that everyone including children from previous marriages receives the best care possible. Fortunately, some helpful estate planning strategies can achieve blended family goals while avoiding the possibility of friction or undesirable consequences.  Consider Utilizing a Prenup Even though some people view prenuptial agreements as counter-productive to romance and long-lasting marriages, these documents provide protection and a degree of predictability for what the future holds. If one person in a marriage has children from a previous relationship, a prenuptial agreement can help to make sure assets are preserved for these children. Take Adequate Steps if You Get Remarried If you are planning on getting remarried, it is critical to perform some necessary estate planning steps. First, you should perform a detailed analysis of your assets and debts. You should make sure to share these details in full with your future spouse. It is also a good idea to assess whether or not [...]

2021-04-26T00:23:07+00:00Tags: , , |

Advice on Estate Planning for Oklahoma Blended Families

Statistics compiled by Pew Research show that over half of the families in the United States are either recoupled or remarried. Raising children in a blended family introduces a number of unique challenges. One of the most overlooked obstacles faced by these kinds of families involves estate planning. In the hopes of better preparing blended families for this complex but important task, the following will review some helpful suggestions: You Will Likely Need More Than a Will By using just a will in an estate plan, you create the possibility that disputes will occur among surviving loved ones and that your children will be left out of receiving any proceeds from your estate. It is often a wise idea to determine if you would be better off passing assets through a trust or one of several other types of estate planning tools. Recognize the Value of a Trust You might benefit from creating a trust that leaves assets to your spouse for that spouse’s lifetime and then passes the remaining balance to your children after your spouse’s death. Passing assets through a trust also ensures that a surviving spouse is able to access funds while he or she is alive [...]

2019-05-08T16:55:52+00:00Tags: , |