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…?
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
Health Care Powers of Attorney
How do you get the couple to engage you and move forward?