Non Traditional Estate Planning
Unique circumstances require unique planning. Increasingly, blended families, second marriages and same sex couples are becoming more and more common. The failure to plan for a special situation results in expensive probate litigation and the alienation of family members. In order to ensure that loved ones are provided for and prevent the time, expense, and relationship damage of probate litigation, it is essential to have a comprehensive estate plan created by an attorney experienced in these matters.
Planning for Second Marriages
When an individual marries for a second time, they are commonly faced with the dilemma of providing for their spouse, who they love and cherish, and their children from a prior marriage, whom they love as well. There are legal techniques available that balance these two interests and eliminate the need to choose one over the other.
The use of a marital trust allows the maintenance and support of one's spouse. At the end of the spouse's life, the remainder can revert back to a testator's children from their first marriage. There are many different ways to craft these trusts which balance the income interest of the surviving spouse with the remainder interest of the children.
However, every situation is unique. Therefore, these trusts can be custom tailored to the needs of the client, their spouse, and their children. Finally, during estate planning many estate tax pitfalls can be avoided as an added benefit.
Contact us for more information on non-traditional family law.