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What's Fair? Estate Planning for Second Marriages and Blended Families
Manage episode 378038120 series 3358051
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According to the U.S. Census Bureau, approximately 21% of recent marriages involve both spouses marrying for at least the second time. This means that about 1 out of every 5 marriages in the United States is a second marriage.
Estate planning for second marriages and blended families may look different than their single marriage counterparts. Join us as we dive deep into estate planning specifics unique to these family dynamics.
Estate Planning & Elder Law Attorney Bob Mannor sheds light on why it's crucial to have a detailed plan, not only in case a spouse has passed, but in case of illness and other hardships. We also highlight the perils of adding your children's names to your assets, using a real-life example of a family whose expectations and reality didn't match up due to an ill-conceived estate plan.
Moving onto asset distribution, we tackle the nuances of revocable living trusts and their importance in ensuring your spouse and children are well taken care of. We explore how these trusts can help you prepare for various future scenarios, possibly involving remarriage or undue influence. But our discussion doesn't stop there!
We also delve into the importance of planning for unexpected circumstances and how a trust can protect against the surviving spouse potentially depleting all assets. Learn how to maximize government benefits to cover care and set up a foolproof estate plan that provides the best chances of accessing these benefits. Join us for this insightful conversation!
Host Attorney Bob Mannor
Executive Producer Savannah Mektso
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ABOUT US:
Mannor Law Group helps clients in all matters of estate planning and elder law including special needs planning, veterans’ benefits, Medicaid planning, estate administration, and more. We offer guidance through all stages of life.
We also help families dealing with dementia, Alzheimer’s disease, Parkinson’s disease, and other illnesses that cause memory loss. We take a comprehensive, holistic approach, called Life Care Planning. LEARN MORE...
Chapters
1. Estate Planning for Second Marriages (00:00:00)
2. Importance of Planning for Asset Distribution (00:12:25)
3. Planning for the Future (00:22:41)
47 episodes
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