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Episode No. 5 - Estate Planning Tips for Blended Families

Preparing a successful estate plan starts with identifying the traditions, experiences and property that will be handed down to family members. "Who" will receive "what" is easy for most families - all assets are transferred to a surviving spouse and children. But what if the giver is part of a blended family? That is, the giver has a child or children from one or more prior relationships. Is there a "fair," "equal," or "best," way to provide for a current spouse and children of the current marriage as well as children from a prior marriage? Should each child receive the same consideration? Will the age or relative financial condition of the children have any effect? Can a prior spouse really be disinherited in order to provide for the current spouse and children? The water can get muddy, but with a few planning tips, a parent's estate plan for transferring assets at death can be made a lot clearer and easier.