Estate Planning for Blended Families

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.

 

While not all traditional families get along, planning for blended families involves extra layers of complexity caused by different relationships within the family — the addition of a step parent and the “yours, mine and ours” sets of children.

 

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- 
          or half-relative
     ~  45% of families in the West include step- or
          half-relatives
     ~  18% of families have a living stepparent 

  

Click here to see more details and sources »

 

For most families, it is not just a question of finances and assets.  Planning may be driven, particularly in the early years, by a mix of emotions and feelings.  Issues of estate equalization has to take place across different families as well as different branches of the family.  Life Insurancecan be an essential part of providing family harmony.

 

It is important to become familiar with these financial situations and the solutions available.  We at Financial Wealth Solutions can help.  Contact us today.

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