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Sep 5, 2018 Payton D. Cromwell
For most couples in a first marriage with no children from other relationships, estate planning is a relatively uncomplicated process, particularly if the marriage is long-standing, the couple has amassed most assets jointly, and the children of the marriage are grown and do not have the need for creditor protection planning. By contrast, individuals who are in a second or third marriage who have children from prior relationships (and sometimes with the current spouse as well) can present greater challenges and require more careful analysis and planning. These familial situations are often referred to as "blended families". This article discusses several mutual goals of married couples who are planning for blended families and provides planning tips to ensure that a client's goals are honored.