Even if you are in a solid first marriage, it is important to be aware how blended families can create unique estate planning issues. Why? Consider the following example. You pass away before your spouse and children. Like most people, you want what you left behind to be available for your spouse, and then ultimately pass to your children.
Posts Tagged ‘community property’
In my last column, I gave the example of a man with children from a prior relationship who purchased a home with his girlfriend. When he dies, who will receive his share of the home?
When counseling clients about estate planning, my primary objective is to help them maintain control of their estate. This includes helping clients to ensure that, on their passing, their assets go to those they want to receive them. This does not happen automatically.
It is your second marriage and you live with your spouse in the home she brought to the marriage. When she passes away, what right do you have to continue living there? Some people assume that, because they were married, they will be able to continue living in that home even after their spouse passes. This is not at all necessarily true.