Estate Planning When Illness or Disability Strikes the Blended Family
Blended families are families where one or both spouses have children by a previous marriage. Typically, parties want to provide for each other and also for their children of prior marriages. The situation becomes even more interesting when the children are "his, hers, and ours." The blended family must deal with many difficult and complex planning issues, particularly where one spouse develops chronic illness or disability. Cost of care for the disabled spouse may extend well beyond that spouse’s means. In determining Medicaid eligibility, Florida disregards both pre and post nuptial agreements. The well spouse may end up at risk for the cost of the ill or disabled spouse’s high cost of care or face the prospect of dissolving the marriage to protect his/her life savings. Other issues include:
- Potential for a delayed inheritance by the children of the first spouse to die who must wait for the death of the second spouse.
- Protection of assets from former spouses.
- Disputes concerning the division of authority or responsibility.
Estate planning for Blended Families is often a form of asset protection. These and other challenges also carry great opportunity for a Certified Elder Law attorney to provide quality solutions to the client and family. With effective planning, the spouse at home can protect the assets of both spouses without the necessity of marriage dissolution.
