After divorce many people remarry, creating blending families. You may wonder about how to do estate planning to take care of the needs of your new spouse and your children from a prior relationship.
There are estate planning solutions that allow you to protect your second spouse after your death and your children from a first or second marriage. When you do estate planning now, you can create several estate plans, with different trusts. Some trusts contain assets and are written to provide income to your second spouse during her lifetime. When your second spouse dies, however, the assets in the trust can be distributed to children.
There are several ways to create these trusts, so that your estate has flexibility to reduce the combined estate taxes paid by the two spouses. Different trusts have different requirements to take actions to reduce estate costs. To learn more about how to provide generously for all your heirs, contact us by phone at 301-882-3670 or schedule a consultation.