Over the last 50 years, the idealized post-Second World War family of two married parents, their 2.2 children and a pet all living together under one roof has ceased to become a reality for most people.
Often they want to keep the wealth within family lines — “what’s mine is mine and what’s yours is yours”, but this plan starts to break down when there are “our” children and/or when there is a significant disparity in wealth to which the lower-income family becomes accustomed.
Some Statistics on Blended Families:
~ 40% of U.S. households include at least one
step-relative or a half-relative
~ 52% of all Americans under age 30 have a step-
~ 45% of families in the West include step- or
~ 18% of families have a living stepparent
It is important to become familiar with these financial situations and the solutions available. We at Financial Wealth Solutions can help. Contact us today.