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Common Mistakes in Estate Planning for Blended Families

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 doesn't affect very many taxpayers anymore, and there is talk of abolishing the estate tax all together, doesn't 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 decedent's debts may be settled and legal title to the decedent's property held in the decedent's 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 decedent's 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.
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Agenda

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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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Craig W. Smalley, MST, EA

Craig W. Smalley, MST, EA

CWSEAPA®, PLLC

  • CEO and co-founder of CWSEAPA®, PLLC, and Tax Crisis Center®, LLC; both businesses have locations in Florida, Delaware, and Nevada; has been in practice for almost 23 years
  • Well versed in U.S. Tax Law, and U.S. Tax Court Cases. He specializes in taxation, entity structuring and restructuring, corporations, partnerships and individual taxation, as well as representation before the IRS regarding negotiations, audits and appeals
  • In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries
  • Current Google® Small Business Accounting Advisor for the Google® Small Business Community and is a contributor to AccountingWEB and Accounting Today, and has had twelve books published on various topics in taxation
  • His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines
  • Has been interviewed and been a featured guest on many radio shows and podcasts and is also the co-host of Tax Avoidance is Legal, which is a nationally broadcast weekly internet radio show
  • Has been admitted to practice before the Internal Revenue Service as an Enrolled Agent
  • Master's degree in Taxation, UCLA
  • Can be contacted at 844-CWSEAPA (844-297-3272), craig@cwseapa.com, www.cwseapa.com or on Twitter® @cwseapa
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Product ID: 401407
Published 2018
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