Estate Planning for Second Marriages

Estate Planning for Second Marriages is very difficult. Today I am attending a seminar covering some of the issues as follows in this blog. This is actually a three part seminar I will be attending. This is session one:

  • The tax and non-tax reasons blended family estate plans often fail and how to define and explain these key risks to the clients
  • Should you advise partners separately or together and what kinds of “sign-offs” do you need?
  • How do you address the emotionally charged issues and fears that keep the planning process from moving forward – – and the documents from eventually being signed?
  • What to do when a client shuts down or shuts you out?
  • What strategies can you use when tempers flare?
  • How do you properly prepare the client (and yourself) for the meeting?
  • How do you address and solve specific property ownership and distribution issues including…?
    • Pre-nuptial agreements
    • Prior divorce obligations
    • Community property, co-ownership and commingling
    • Family home and living arrangements
    • Family business complexities (Buy-Sell and Operating Agreements)
    • Assets that pass by beneficiary (insurance, qualified retirement plans and IRAs)
    • Family heirlooms and keepsakes
  • Who should be considered for what roles?
    • Trustees of revocable and irrevocable trusts
    • Beneficiary designations
    • Health Care Powers of Attorney
    • Living Wills
  • How do you get the couple to engage you and move forward?
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