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  • IRC WealthCast 055: Avoiding the Challenges of Estate Planning and Blended Families

    estate planning blended families

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    This week, the IRC WealthCast continues its focus on Generation X as we discuss the financial, emotional and legal challenges of estate planning and blended families, both those we create as well as the blended families created by our parents.

    In this second episode of a two-part series, we continue the conversation with two Generation Xers — Wendy Hayes, a financial analyst who works in family law, and Michelle Thompson, a financial planner with IRC Wealth and former attorney — who discuss what they’ve learned from their personal as well as professional experiences.

    estate planning blended families

     

    In sharing her family estate planning nightmare, Michelle points out that her mother thought she had taken the necessary steps to ensure her desires would be carried out, but was unable to predict her surviving spouse’s actions. In her own experience as well as when working with clients, Michelle says that in the majority of cases, it’s inevitable that a surviving spouse who controls the estate will prioritize their own children over those of their deceased spouse. She then goes on to explain how this can be avoided, including how to:

    • Make decisions about your estate and ensure that your wishes are followed
    • Address the tough scenarios such as biological children vs. stepchildren, surviving spouses who remarry quickly, and choosing a trustee.
    • Be proactive and find counsel who has the savvy experience to address your specific situation

    Our two experts also address the importance of communication and tackling difficult conversations early in a relationship including getting into the minutia of assets as well as pre-nups and post-nups. As Wendy says, “Each family is unique due to its varying personalities. You have to find ways to work — both creatively and systematically — toward the solution that’s best for your family.”

     

    Whether you have a blended family yourself or are the product of one, tune in to learn more about the challenges these situations present, as well as how to create arrangements that are intentional, thoughtful, and respect your wishes.
     
    < Part 1: IRC WealthCast 054: Taking Care of Aging Parents Squeezes Generation X

     

    Everyone’s situation is different; what it takes for you to be financially independent is unique to you. If you’d like to discuss any questions or concerns you have your financial life, please contact us for a no obligation consultation to see how we can help.

     

    Wendy Hayes CDFAWendy Hayes, CDFA — Founder & CEO, Mitchell HayesWendy is a highly creative, goal-oriented executive and Certified Divorce Financial Analyst™ (CDFA™) with solid finance, revenue recognition, project management, and systems development experience. Her specialities include: Financial Analysis, Budgeting, Profit Maximization, Process Improvement, and Mergers and Acquisition.
    Michelle Thompson CFPMichelle T. Thompson, CFP, CTFA: Michelle Thompson is a Certified Financial Planner™ and Certified Trust Financial Analyst. Prior to joining IRC Wealth, she had her own law practice where she focused on estate planning, asset protection and elder law. Having earned a BS in Finance from the University of North Carolina, Michelle began her career as a banker before working as a realtor and then attending the John Marshall Law School.

     

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    IRC WealthCast 055: Avoiding the Challenges of Estate Planning and Blended Families

    by IRC Wealth time to read: 3 min
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