Protecting Children's Interests in Blended Families

Getting divorced and remarried can create certain estate planning challenges when children are involved.

2012-11-21

November 21, 2012 (Press-News.org) Protecting children's interests in blended families

Getting divorced and remarried have become common occurrences for people in Pennsylvania and across the country. Over half of all couples in first marriages eventually get divorced, according to the National Stepfamily Resource Center. In addition, three-quarters of those who divorce will get married again.

Blended families make for complex finances

A Pew Research Center study this year found that over 40 percent of adults in the United States have at least one step-relative. Considering that people already have children in about 65 percent of remarriages, that percentage is unlikely to decline. More and more Pennsylvanians are facing the complexities of blended families.

Stepparents who bring children of their own into a second marriage naturally want to be sure their children are taken care of financially. Their children's needs will certainly rank high among their estate planning objectives. Stepchildren, on the other hand, may be less of a concern. Conflicts between spouses in the new marriage often arise as a result.

Not only are children and stepchildren a catalyst for disputes, caring for the aging parents of the spouses in a blended family can be a source of stress. As people live longer, chances are that elderly parents are going to require attention and resources from their adult children. Furthermore, health care costs for the older generation will diminish inheritances for their children, who will then have less to pass along to their own children.

Protecting children takes planning

Parents in remarriages who want to make sure their own children are adequately taken care of in case of a parent's death should not proceed blindly. It is not realistic to assume that the children's other biological parent will step in with an estate plan that assures the children's future. It is less likely that the stepparent will do so, especially if the stepparent also has children from a previous marriage.

A number of options exist. Creating a trust and designating a professional trustee may be the desirable and responsible course of action. Several kinds of trusts exist, which can be expertly employed to carry out the parent's wishes. Distributions of the funds in the trust can be managed over time, with provisions that protect children from unwise spending and investment choices.

Parents in blended families should consult with an attorney who has experience in estate planning. Estate planning includes wills and other legal documents that need to be written with care. In the complex environment of a blended family, an attorney's competent expertise is especially reassuring.

Article provided by Spencer Law Firm
Visit us at http://www.spencerlawfirm.com/

ELSE PRESS RELEASES FROM THIS DATE:

Coloradans Who Lost Homes To Foreclosure May Qualify For Reimbursement

2012-11-21

Coloradans who lost homes to foreclosure may qualify for reimbursement In September 2012, the Colorado attorney general mailed letters to Colorado residents who may qualify for reimbursement from the national mortgage settlement that the five largest mortgage lenders in the U.S. reached with the federal government and 49 state governments, informing people of the deadlines for filing claims. People in Colorado should be aware of the details of the national mortgage settlement, the provisions the settlement includes for payments to borrowers to reimburse them for their ...

Dealing With the Aftermath of a Natural Disaster in Texas

2012-11-21

Dealing With the Aftermath of a Natural Disaster in Texas Super Storm Sandy caused billions of dollars of damage throughout the East Coast and 20 states. According to a study by Scientific American, the storm has the potential to be the most expensive in the history of the U.S. Moody's has estimated the damage at $50 billion. Part of the high cost came from where Sandy made landfall, as it struck one of the most crowded corridors in the U.S. Of course, Texans are no strangers to hurricane damage to their homes and businesses, either. No matter where a hurricane, tornado ...

Common Commercial Hurricane Damage Claim Disputes in Texas

2012-11-21

Common Commercial Hurricane Damage Claim Disputes in Texas Insurance companies are experienced at contesting certain types of claims that result from hurricanes and large storms. With Super Storm Sandy leaving $50 billion in damage, according to an estimate by Moody's, rebuilding damage in the wake of a devastating storm is on many people's minds. The reason an insurance company may deny or underpay on a claim is varied and depends on the type of insurance coverage, the provisions in the coverage and the integrity of the insurance company. Type of Water Damage Water ...

Preventing Pedestrian Injuries in Texas

2012-11-21

Preventing Pedestrian Injuries in Texas One person died every three hours on Texas roadways in 2011 and The Texas Department of Transportation is trying to change this by asking drivers to "Drive Friendly, Drive Safe." Officials from the Texas DOT recall having to give death notifications to families informing them that their loved ones have been killed in a car crash. One Texas DOT spokesperson said that he hates using the word accident when it comes to giving these notifications because they are not usually accidents but something caused by people who are ...

New Study: Years Required to Recover from Traumatic Brain Injury

2012-11-21

New Study: Years Required to Recover from Traumatic Brain Injury According to the Centers for Disease Control and Prevention (CDC), approximately 1.7 million people in the United States suffer traumatic brain injuries (TBIs) each year. And while physicians have long recognized that even mild TBIs can cause serious problems, researchers have discovered that they may be even more dangerous than previously believed. Indeed, a recent study out of the University of Oklahoma suggests that symptoms of traumatic brain injuries may last for years without decreasing in intensity. Details ...

After the Divorce: When Parents Disagree

2012-11-21

After the Divorce: When Parents Disagree Raising a child involves many decisions. Some of these decisions are day-to-day, while others are huge decisions that have much more impact on a child and their development. Often, when parents get divorced, there is disagreement that takes place on what each person thinks is best for the child. Knowing some possible disagreement points, and knowing how to cut down on those disagreements is beneficial and overall, much better for the child. Problems Faced by Parents Parents often face problems and disagreements about the ...

Illinois Child Support Calculation May Change

2012-11-21

Illinois Child Support Calculation May Change Illinois parents who pay or receive child support are accustomed to the current model for determining the amount of support. Under this model, the parent who does not live with the child pays a percentage of net income to the parent who lives with the child. Support percentage varies depending on how many children there are. Under the percentage of income model, parents currently have no established provisions for adjusting child support when each parent spends a substantial amount of time with the child. Other circumstances ...

Banks' Incompetence Hurts Homeowners

2012-11-21

Banks' Incompetence Hurts Homeowners In Indiana and the rest of the nation, foreclosures became almost an epidemic over the past few years. One strategy for homeowners desperate to keep their homes in spite of financial hardship is to ask their banks for a loan modification. Loan modifications would seem to be advantageous all the way around: A modification helps the homeowner by reducing the monthly loan payment to an affordable level, and it helps the lender by keeping mortgage payments coming. However, loan modification is not being used as much as anticipated to ...

Johnson & Johnson Faces More Potential Product Liability in Hip Replacements

2012-11-21

Johnson & Johnson Faces More Potential Product Liability in Hip Replacements The medical device and pharmaceutical maker, Johnson & Johnson, faces a second set of product liability lawsuits and another potential recall concerning its portfolio of all-metal artificial hips. Two years ago, Johnson & Johnson conducted a $3 billion recall for and faced product liability suits over its ASR all-metal artificial hips. Now its successor, the Pinnacle metal-on-metal hip system is under fire for potential design defects leading to replacements and potential health ...

White Collar Crimes Carry Serious Penalties

2012-11-21

White Collar Crimes Carry Serious Penalties It is a common misconception that those who are convicted of white collar crimes do not spend time in "real" prisons. Indeed, many people believe that those facing prison sentences for crimes like securities fraud, mortgage fraud, or tax evasion do time in a "country club" atmosphere, where they are spared the indignities of normal prison life. The fact is, however, that convictions for white collar crimes can bring serious prison sentences in harsh conditions. The Prison Routine Even in low security ...

LAST 30 PRESS RELEASES:

CMD-OPT model enables the discovery of a potent and selective RIPK2 inhibitor as preclinical candidate for the treatment of acute liver injury

Melatonin receptor 1a alleviates sleep fragmentation-aggravated testicular injury in T2DM by suppression of TAB1/TAK1 complex through FGFR1

Single-cell RNA sequencing reveals Shen-Bai-Jie-Du decoction retards colorectal tumorigenesis by regulating the TMEM131–TNF signaling pathway-mediated differentiation of immunosuppressive dendritic ce