Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

How estate planning can meet the needs of blended families

The approaching holidays mean social get-togethers for many readers with friends, family or loved ones. For some, such gatherings may include blended families, with children from a previous marriage.

If this type of blended family gathering makes for complicated holiday shopping, consider the ramifications in estate law. Married couples with children from previous relationships may want to ensure there is a safety net in place for all of their children, even if the children do not live in their new household. Perhaps a parent would like to create an inheritance for children from an earlier relationship using assets that he or she separately owned before remarrying. 

As readers might suspect, couples that have remarried might have different estate-planning goals arising from special family considerations. Fortunately, thoughtful estate planning can help ensure that children will be provided for, and that a designated trustee or guardian will make decisions for minor children if the natural parent becomes disabled or dies.

Perhaps an individual’s emphasis is on transferring the most money to heirs free of estate tax and then insulating that money from creditors. Other individuals may want to retain control over their finances and accounts during their lifetimes. A revocable trust may suit such individuals, offering the flexibility to move assets at will and accommodate changes in income and lifestyle factors. Perhaps a spendthrift trust document will specify a monthly distribution to beneficiaries, with additional authorizations in the case of an emergency. With the help of an attorney, remarried couples can survey options such as a comprehensive will, trust, powers of attorney and other legal solutions that will meet their respective concerns.

Source: The New York Times, “Focusing on the Human Element of Estate Planning,” Paul Sullivan, Nov. 7, 2014

 

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions