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Protecting Assets When Your Family is Far From Traditional

The Rockwell portrait of the American family gathered around the holiday table has changed a lot in the last 50 years. Today, “traditional” families often consist of a stepparent, stepchildren and other relatives interrelated by a number of different marriages. And the more complex the family relationship, the more complex your estate planning is likely to be.

Here are some tips for protecting the assets of those living in the new norm – otherwise known as blended families:

Put everything in writing. No longer does a blanket designation cover all the bases for blended families. If you want to leave assets to someone not related to you by blood, even though you may consider them your children, you will need to include their legal names in your will and other estate planning documents.

Distribute heirlooms while you are alive. Unless you want to itemize all your belongings and assign names to each in your will, you are probably better off leaving valuables to the people you want to have the while you are alive. Plus, you get the added benefit of seeing them enjoy those items while you’re still around.

Keep your beneficiaries updated. Check your beneficiary designations annually on your retirement and investment accounts as well as your life insurance policy. Do it at tax time when you’re already thinking about money so you don’t forget each year.

Plan for long-term care. Nothing can deplete assets quicker than having to pay long-term care costs out-of-pocket. Make a plan for your long-term care, whether it’s purchasing insurance or setting funds aside.

An experienced Florida estate planning attorney can help you with proven strategies to protect your finances and your family. To learn more, contact our Florida law firm for a free consultation.
Categories: Asset Protection
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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