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Volume Ten 
Number Five
May 2013
Estate Planning for Blended FamiliesBlended Family Basics
Learn more about Blended Family Basics ... Estate Equalization
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Times have changed. In the new millennium, blended families now outnumber traditional nuclear families. In fact, one of three Americans is now a stepparent, a stepchild, a stepsibling, or some other member of a blended family*. And the number is likely to grow, based on current statistics and trends.While most of us don’t live like Hollywood celebrities, Hollywood trends often reflect magnified versions of cultural trends. For example, when Kris (Kardashian) and Bruce Jenner married in April 1991, they each had four children from previous marriages. Kris had Kourtney, Kim, Khloe and Robert from her marriage to the late Robert Kardashian and Bruce had two children (son Burt and daughter Casey) with his first wife Chrystie Crownover and two sons (Brandon and Brody) from his marriage to Linda Thompson. 
If your family is a blended family, one of your estate planning challenges is to make sure each member of your blended family is treated fairly and equitably. You will want to make consideration for your current spouse, your own children and perhaps even your stepchildren. And “fair and equitable” does not always result from a simple “equal shares” approach. Not to mention that some assets, such as a family or vacation home, are quite difficult to split into “equal shares.” Did You Know?
Did you know that:
While three in ten Americans DO have a plan, the average age of a will coming into a law office for update or probate is nearly 20 years?
A Power of Attorney of similar vintage may be rejected by banks and other third parties?
In three out of four cases, a Health Care Directive (also sometimes called a "Living Will") is unavailable when needed?
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Ten out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal Estate Tax?
The Wills of most married couples control ONLY personal effects?
There are legitimate means of leveraging the $13,000 annual gifting exclusion, of avoiding capital gains tax on super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?
Getting Rid Of Your Old Hard Drive "Securely"Do you have any old computers sitting around? Perhaps you are getting ready to upgrade, because “old faithful” is on its last legs. Regardless, if you are intending to dispose of a personal computer to the junk pile, a charity or some other third party, then watch out! You may be giving all of your private, confidential data to strangers. |
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