There are many different ways to plan an estate, and you should always keep this in mind. A lot of people think that you simply draw up a will and let the chips fall as they may because there is no other option. The false presumption is that trusts are only used by multimillionaires.
In reality, this is a commonly held misconception. There are multiple different types of trusts, and most of them can be used as responses to scenarios that ordinary people often face.
They say that you should use the right tool for the job, and there are many tools in the estate planning toolkit. With this in mind, we will look at estate planning for blended families in this post.
Open Communication
If you are going to get remarried as a parent, you will naturally have estate planning concerns. You may expect to be married forever, but you can’t predict the future. When you have been divorced in the past, you know how things can change.
Every situation is unique, and we are not relationship counselors. This being stated, you should probably discuss the estate planning implications with your fiancé before you tie the knot.
A premarital agreement can be appropriate under some circumstances, and this is something to take into consideration. When both parties enter into the marriage with a certain understanding, it can actually strengthen the bond from the outset.
QTIP Trust
The qualified terminable interest property (QTIP) trust can be the ideal solution for some parents that are getting remarried. To implement this strategy, you establish and fund the trust, and your spouse would be the first beneficiary. Your children would be the successor beneficiaries.
You name a trustee to act as the administrator when you establish the trust. This can be an individual that you know, but a professional fiduciary may be a better choice for a few reasons.
This type of trust will typically be viable over a number of years, so longevity will be a source of concern. Your spouse and your children will have an interest in the trust, so you may want the trustee to be someone that is looked upon as completely neutral.
A trust of this nature will be funded with appreciable assets, so the trustee should be a sound money manager. Equally, if not more important, is the trustworthiness of your selected trustee to carry out your wishes.
If you die first, the trustee would distribute the earnings that are generated by the principal to your surviving spouse. When you establish the trust declaration, you can give the trustee the latitude to distribute portions of the principal if you would like to do so.
Your spouse will also be able to use property that is owned by the trust for the rest of their life, but they would not be able to change the terms in any way. After their passing, your children would inherit the assets that remain in the trust.
Attend a Seminar or Webinar
We go the extra mile to provide educational opportunities to our neighbors, because we want them to take the right steps to protect their loved ones. To this end, we provide seminars and webinars on an ongoing basis, and we urge you to join us for one of these sessions.
There is never any charge, but we ask that you register in advance so we can reserve your spot. You can see the details and obtain registration information if you visit our seminar/webinar page.
Take Action Today!
If you have learned enough to know that it is time for you to work with an attorney to put an estate plan in place, you are making the ideal connection.
As we have pointed out in this post, there are many ways to proceed, and we provide our clients with personalized attention. When you work with us, you will walk away with a custom crafted plan that is ideal for you and your family.
You can schedule a consultation appointment right now if you give us a call at 843-815-8580, and we have a contact form on this site you can fill out if you would like to send us a message.
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