As the name suggests, ABC’s TV show Modern Family depicts the relationships and experiences between a fictional extended family. Throughout the course of the series, the show addresses many issues that families deal with each day. For a close-knit family such as this fictional one, estate planning is crucial to ensure that everyone is protected when one of them dies or becomes disabled or incapacitated. We hope that examining some of the issues this family would need to address as they prepare for such circumstances will encourage you to consider how these issues impact your own family.
The Family’s Entrepreneurial Endeavors. Over the course of the series, there are a variety of businesses owned by members of the family. These businesses require special thought when planning for their future. Consider the following questions. How are these businesses owned? Who should ultimately end up with the business? Should the business interest go directly to the next generation or be held for them?
Multiple Generations of Blended Families. When determining who will receive their money and property, members of blended families must evaluate the bonds within their family. For instance, because a stepchild has no legal right to their stepparent’s money and property, a legally enforceable trust or last will and testament or trust needs to be put in place in order for a stepparent to leave anything to their stepchild at death.
Guides for the Next Generation. Within this extended family, there are a few minors who need guardians in the event both parents pass away. If you have minor children, it is important that you think about whom you want to raise them if you cannot. By having conversations with your family members ahead of time, you may be able to reduce the possibility of fighting after your death if everyone understands your wishes.
Protecting the Surviving Spouse. All married couples face the question of what will happen at the first spouse’s death. Some couples have earned and accumulated most of what they have while they are married. It would be understandable for them to consider everything they own “theirs.” Both of them would likely want everything to go to the surviving spouse. However, when everything is given to a spouse outright, the hard-earned money and property are susceptible to creditors and predators. A naive and well-meaning person might become the victim of a scam artist and give large sums of money away based on a sad story. Alternatively, a spouse could end up remarrying, and without proper planning, could accidentally disinherit the children by leaving everything to the new spouse. To protect what you leave to your surviving spouse, no matter if it is your first or third marriage a revocable living trust can help.
For many families across the country, not just the fictitious ones on television, an estate plan is a great way to make sure that you, your loved ones, and your hard-earned money are protected. We are committed to working with families of all shapes and sizes to craft a plan that is as unique and modern as you and your family are. Call our office for a free consultation!