Florida Estate No one marries with the intention of divorcing. The fact, however, is that half of the relationships end in separation, frequently involving children. A parent will remarry, and the new partner may also still have their own children from a previous relationship, creating a new family unit.
If you have kids from your previous marriage or from a relationship before your marriage, then after your ultimate demise you certainly need to provide them. If you have a new spouse, you will of course also want to provide for him or her. You might have been thinking about establishing a new estate plan with family interests in mind.
If not, you should learn how Florida law impacts your intentions and what extra steps you will take to assure that your desires are met.
Estate Planning Issues for Blended Families
With regard to your new wife, the majority of spouses in mixed families appear to merge their resources in a lack of pre-marital agreements to maintain distinct assets. Please ensure that both you have a complete sense of who is to acquire what, when, where, how, and why.
Even if the married couples are in complete agreement, realize that it may be the kids of your wife who make the decision to choose whether or not to make a claim against your property.
So when it comes to property taxes, seek to ensure that you and your new wife have a realistic game plan, an evolving gift, and property tax system that keeps more money, whether mixed or not in your wallet, and offer little IRS funding.
Matters to consider
Many with complex estates and mixed families find it beneficial to cooperate with a lawyer with knowledge in dealing with the situation, and others still need to be considered. It begins with a rational evaluation of the situation:
- Create a plan– It is an enormous burden to leave a partner to try to predict the motives of the deceased. It may also be a costly decision if there are no plans to transfer assets to loved ones in an appropriate manner that prevents overpaying taxes and other expenditures.
- Establish a trust for the final companion: this allows the partner to live happily while realizing that the funds go as you wish after they have passed away.
- Choose the best executor or trustee: Partners or children may not be competent or interested in running the assets, dealing with legal and family problems, or doing the paperwork involved with the probate.
- Remarriage plan: a partner may be younger or would like to remarry, which may hinder financial affairs if it is not addressed by a will or trust.
- Passing on assets: passing on assets such as a corporation or whatever another part of the estate could make more sense even if there is a surviving spouse.
- Choose someone to make decisions about health care: this is a fact that so many seem unable to make intelligent healthcare decisions because they become disabled. Choose someone who is adequate to discuss these tough decisions with the guidelines offered by the family member.
- Don’t keep your planning a secret: others might not feel relaxed talking to families about schedules or financial arrangements, but planning loved ones will serve them well later.
- Update of the plan: It is sometimes possible to make changes to confirm the success of the strategy.
It is important to review and evaluate your estate plan after a subsequent marriage
Until your brand new life as a mixed family begins, you can quickly replenish your estate portfolio. It is wise to consider how much you want to gain from your recent marriage for every mother’s child and husband.
You will put a certain amount of money into him/her on your passing if you have a kid who relies upon you and wishes to be an adult.
A living trust can also be a smart option. In a living trust in Florida, you can trust your partner to leave funds over its lifetime and then give your children the remaining assets. Many mixed families preferred what was called ABC trust. — trust has its own regulatory structure, which includes its personal properties.
This system will fit into a mixed family. Trusts also come with certain tax incentives that can make them attractive.
It all starts with a conversation
Professional Florida estate lawyers should sit down to address the desires and expectations of an individual of a mixed family while determining that the will, trust, or arrangement is feasible under Florida law. They can also work with the family after demise to provide a neutral standpoint when problems occur or legal advice is required.