Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Global vs. International: What’s the Difference?

With international stock markets comprising about 40 percent of the world’s capitalization as of 2023, ...

The post Global vs. International: What’s the Difference? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Women and Financial Strategies

Nearly 60% of women take the lead in managing their household finances, yet only 19% ...

The post Women and Financial Strategies first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more

Two Trust Tips for Blended Families and Second Marriages

November 26, 2018

Contemplating your estate planning considerations after getting married for a second time is especially important because there are critical issues that could easily be overlooked that could leave your children from your first marriage or even your new spouse at a disadvantage. estate-planning-trusts

What follows are two different estate planning tips and considerations for those in second marriages. First of all, spouses can leave their assets separate and have their own revocable trust. You should consult with an experienced estate planning attorney to discuss this option. A trust could be established with the benefit of a surviving spouse after the first spouse passes away. This would enable the surviving spouse to tap into income or even principle.

It’s important to consider giving children a bequest upon the first death, which means that the children will have at least received something if the surviving spouse ends up needing most or all of those funds. The second thing to consider is to choose trustees wisely. The surviving spouse should not be the only person who is listed as a trustee. This means that the trustee has the power to withdraw all of the principle inside the trust which could potentially disinherit children accidentally. The second tip to consider with regards to trust planning for your estate is to create a joint trust which is irrevocable upon the death of the first spouse.

If the spouses wish to sign a joint trust, then the trust must be drafted so that it is irrevocable upon the death of the first spouse. Always consider how you can incorporate children from a previous relationship by giving them a bequest upon the first death. Putting together a trust gives you power, control and some level of flexibility when you have an experienced estate planning lawyer who can help you to draft it and ensure that you have considered all the unique aspects of your individual life. You will have both confidence as well as peace of mind that you have considered all of the most important components of estate planning for your children.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Global vs. International: What’s the Difference?

With international stock markets comprising about 40 percent of the world’s capitalization as of 2023, ...

The post Global vs. International: What’s the Difference? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Women and Financial Strategies

Nearly 60% of women take the lead in managing their household finances, yet only 19% ...

The post Women and Financial Strategies first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more