Matthew McClintock, Vice President of WealthCounsel, said in a recent article that increase of ‘blended’ family require people with such step-relationship to pay extra attention to estate-planning. Topics to think about are how to distribute the assets, which spouse (ex or current) to take care of the children or whether you live in a community or separate property state.
Depending on the answers to each of the question, it would be important to consult with one’s lawyer to formalize the planning, especially with a lawyer specialized in estate planning of blended families, the author recommended.
See Blended Families: The Estate Planning Questions You Need to Ask, Matthew McClintock, EstatePlanning.com
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal