Florida Estate No one marries with the intention of divorcing. The fact, however, is that half of the relationships end in separation, frequently involving children. A parent will remarry, and the new partner may also still have their own children from a previous relationship, creating a new family unit.
If you have kids from your previous marriage or from a relationship before your marriage, then after your ultimate demise you certainly need to provide them. If you have a new spouse, you will of course also want to provide for him or her. You might have been thinking about establishing a new estate plan with family interests in mind.
If not, you should learn how Florida law impacts your intentions and what extra steps you will take to assure that your desires are met.
With regard to your new wife, the majority of spouses in mixed families appear to merge their resources in a lack of pre-marital agreements to maintain distinct assets. Please ensure that both you have a complete sense of who is to acquire what, when, where, how, and why.
Even if the married couples are in complete agreement, realize that it may be the kids of your wife who make the decision to choose whether or not to make a claim against your property.
So when it comes to property taxes, seek to ensure that you and your new wife have a realistic game plan, an evolving gift, and property tax system that keeps more money, whether mixed or not in your wallet, and offer little IRS funding.
Many with complex estates and mixed families find it beneficial to cooperate with a lawyer with knowledge in dealing with the situation, and others still need to be considered. It begins with a rational evaluation of the situation:
It is important to review and evaluate your estate plan after a subsequent marriage
Until your brand new life as a mixed family begins, you can quickly replenish your estate portfolio. It is wise to consider how much you want to gain from your recent marriage for every mother’s child and husband.
You will put a certain amount of money into him/her on your passing if you have a kid who relies upon you and wishes to be an adult.
A living trust can also be a smart option. In a living trust in Florida, you can trust your partner to leave funds over its lifetime and then give your children the remaining assets. Many mixed families preferred what was called ABC trust. — trust has its own regulatory structure, which includes its personal properties.
This system will fit into a mixed family. Trusts also come with certain tax incentives that can make them attractive.
Professional Florida estate lawyers should sit down to address the desires and expectations of an individual of a mixed family while determining that the will, trust, or arrangement is feasible under Florida law. They can also work with the family after demise to provide a neutral standpoint when problems occur or legal advice is required.