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Common Mistakes in Estate Planning for Blended Families - Webinar

  • ID: 4437488
  • Webinar
  • January 2018
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
Today, an increasing number of families in the United States are considered blended families, families that comprise of two adults, married or unmarried, with at least one of whom has children from a prior relationship.

Just because the estate tax doesnt affect very many taxpayers anymore, and there is talk of abolishing the estate tax all together, doesnt mean that estate planning isn’t needed. The main reason to have an estate plan is to avoid probate. Probate refers to the process whereby certain of decedents debts may be settled and legal title to the decedents property held in the decedents name alone and not otherwise distributed by law is transferred to heirs and beneficiaries. If a decedent had a will, and the decedent had property subject to probate, the probate process begins when the executor, who is nominated by the decedent in the last will, presents the will for probate in a courthouse in the county where the decedent lived, or owned property.

If there is no will, someone must ask the court to appoint him or her as administrator of the decedents estate. Often, this is the spouse or an adult child of the decedent. Once appointed by the court, the executor or administrator becomes the legal representative of the estate. The entire goal of most estate planning is to avoid the probate process all together.

The divorce rate in the U.S. is 50, and a lot of divorces involve children from those broken marriages. If one person has children from a previous marriage, and the other person has children from a previous marriage, when the couple is married, you have a blended family. Blended families have completely different dynamics than do traditional planning. Estate planning for these type of families is tricky and can poise some problems.

Learning Objectives
  • You will be able to define what the definition of a blended family is, and the most popular methods of estate planning for them.
  • You will be able to describe the reasons for AB and ABC Trust.
  • You will be able to identify various demographics and attitudes of a blended family.
  • You will be able to discuss the various aspects of estate planning for blended families.
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Estate Planning for Mixed Families
  • Overview
  • Listening to Your Client's Needs and Keeping Your Personal Feelings out of It
  • Determining the Family Dynamic
The Return of the AB and ABC Trust
  • Overview and How and Why This Was Used in the Past
  • How It Is Used Today
  • Issues It Causes
Problems With Estate Planning for Blended Families
  • The Various Family Dynamics
  • Protecting Each Person of the Blended Family
  • The Biological Parents, the Step Parents, the Biological Kids, the Step Kids and Various Attitudes Each One Has
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Craig W. Smalley, MST, EA CWSEAPA®, PLLC
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, financial planners and enrolled agents.
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