Estate Planning for Second Marriages is very difficult. Today I am attending a seminar covering some of the issues as follows in this blog. This is actually a three part seminar I will be attending. This is session one:

• The tax and non-tax reasons blended family estate plans often fail and how to define and explain these key risks to the clients

• Should you advise partners separately or together and what kinds of “sign-offs” do you need?

• How do you address the emotionally charged issues and fears that keep the planning process from moving forward – – and the documents from eventually being signed?

• What to do when a client shuts down or shuts you out?

• What strategies can you use when tempers flare?

• How do you properly prepare the client (and yourself) for the meeting?

• How do you address and solve specific property ownership and distribution issues including…?
  • Pre-nuptial agreements
  • Prior divorce obligations
  • Community property, co-ownership and commingling
  • Family home and living arrangements
  • Family business complexities (Buy-Sell and Operating Agreements)
  • Assets that pass by beneficiary (insurance, qualified retirement plans and IRAs)
  • Family heirlooms and keepsakes

• Who should be considered for what roles?
  • Trustees of revocable and irrevocable trusts
  • Beneficiary designations
  • Health Care Powers of Attorney
  • Living Wills

• How do you get the couple to engage you and move forward?