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Estate Planning Issues for "Blended" Families

As families change and grow, a host of new issues arise-legal, emotional and financial.  Estate planning becomes particularly com­plex for "blended" families, which include a married couple with children from a prior marriage or relationship.

      To start, think about what you want your plan to accomplish for your family and community.  Do you want to help those who are a part of your life while you are alive, such as spouse(s), children and grandchildren?  Do you want to benefit future generations?  How much do you give and when?  If you own a family business, what is your preferred plan of succession?  If trusts are involved, who would be most appropriate to serve as a trustee?  What about your philanthropic interests?  Most often, these types of qualitative "people" questions will be what initially drive your plan.  We suggest you spend as much time as you need to explore what you really want and work with your attorney or relationship manager to develop an estate plan that addresses these issues. By creating trusts, such as a marital trust and a family trust, your goals can be accomplished in a tax-efficient mannern

This Planning is especially important in the contect of the blended family as complex emotional issues are often involoved.

           This planning is especially important in the context of the blended family as com­plex emotional issues are often involved. Unintended consequences from an estate plan are more likely to occur in a blended family, absent careful forethought, and unresolved conflicts may arise following your death.  Any estate planning attorney or trust officer can relate horror stories of things gone wrong as unanticipated turn of events are played out.   Once you have a preliminary estate plan in place, review its effects.  It might be helpful to create a flowchart showing to whom and when the assets flow, and look at the anticipated amount and the timing of inheritances.  Who bears the tax burden?  Is adequate flexibility built in to accommodate unforeseen developments?  Are there potential areas of conflict?  It is important to anticipate these issues and decide how to address potential family conflicts.

For an appointment to discuss such estate planning methods call our office

at (406)755-4400 or e-mail us at info@mtestateplanning.com