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Clayton Pioneer • www.claytonpioneer.com
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August 15, 2014
Options for blended-family trusts
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DANIEL DUREE ESTATE PLANNING The issues involved in estate planning are both complicated and emotionally charged for any family. Things become even more difficult when a husband or wife has children from a previous relationship. The decisions become more important because of the possibility that the children from a previous relationship may not end up with anything if the surviving spouse spends all of the assets or changes the estate plan. If the children are strictly provided for there is also a possibility that the surviving spouse may not have enough money to support themselves.
This is a very common issue and can be dealt with in a couple of ways. With proper legal planning and communication, many of the potential problems can be mitigated. I will discuss the three most common ways of dealing with estate planning for a blended family. We will assume the family is using a revocable trust for probate avoidance. LEAVE ALL ASSETS IN CONTROL OF THE SURVIVING SPOUSE A married couple can create a jointly settled revocable trust with agreed-upon beneficiaries and the spouses acting as co-trustees. In its most simple form, when one spouse dies, the other spouse is sole trustee and the trust is still fully amendable and revocable by the surviving spouse. What this means is that even if the children of the deceased spouse were initial beneficiaries, the surviving spouse has the power to amend the trust and remove them as beneficiaries. It is not uncommon for a surviving spouse to amend a trust years after the death of
the first spouse because their relationship with some of the initial beneficiaries (i.e., the deceased spouse’s children) has changed over time. The other potential issue arises when a surviving spouse enters a new relationship and amends the trust in favor of their new significant other. SPLIT THE TRUST AT THE DEATH OF THE FIRST SPOUSE Another option is to split the trust in half at the death of the first spouse with half of the trust being irrevocable and earmarked for the deceased spouse’s children. The trust can be drafted so that the surviving spouse has access to all of the income but none of the principal, or all of the income and a certain percentage of the principal per year. It can also be written so that the surviving spouse only has access to the deceased spouse’s half after they have spent their own half. Of course the danger with this scheme is that the surviving spouse needs the assets to care for themselves and they are unable to access them.
GIVE THE CHILDREN THEIR SHARE AT THE DEATH OF THEIR PARENT The easiest way to deal with estate planning for a mixed family, if practica,l is to simply leave a certain amount of assets to the children when their parent dies. That way, the children are provided for and the surviving spouse has control over the remainder of the assets to support themselves. Although the children may not end up with as much as under the split trust scenario, they will receive the money earlier and the surviving spouse will be better protected. There are numerous other permutations of a trust that can combine different aspects of these three approaches. If you have any further questions, don’t hesitate to speak with a financial advisor.
Daniel DuRee is a licensed attorney whose practice focuses on estate planning. He may be reached for questions or comments at Daniel@DuReeLaw.com or 925210-1400.
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Cait Hudson of Concord is a “people person.” Her loved ones know it. Her coworkers see it. She thrives on connecting with people, maintaining friendships and providing helpful information as a real estate agent for Coldwell Banker in Orinda. “Cait is amazing with our clients,” Tina Jones, associate broker, says. Jones notes there are not a lot of young people coming in to the industry. Hudson is young, sharp and good with social media. “She was immediately successful. I’ve never seen anything like it.” Hudson says that once she earned her real estate license in March, she marketed herself. Her strategy includes consistently updating social media. “It shows my personality and sets me apart from other agents.” Catch Hudson’s weekly Wednesday YouTube video for best home buying applications or a lesson on how to increase the value of your home with simple projects. Knowing that buying a house is not only about the house, but the community, Hudson includes other tips like best dog parks in the
East Bay. Her Facebook page gives real estate advice as well as personal insight with inspirational quotes and pictures of her enjoying one of her hobbies, hiking. Living most of her life in Concord, Cait knows and shares all about places to play and places to live. Professionally, Hudson wants to grow business in the next five years and have people working for her. She keeps her clients’ best interests at heart. “If I really want to help the clients, whether it benefits me or not, the money will come.” Hudson graduated from Carondelet High School in 2006 and has a bachelor’s in psychology from the University of California, Santa Cruz. She says the degree helps with the real estate business because “part of it is emotional. I am able to help with that aspect.” Hudson considered applying her education to becoming a therapist. She volunteered at the Contra Costa Crisis Center and decided to change course with her career, but applies the skills she learned to helping those buying and selling residential homes through the stressful moments of the process. Personally, Hudson hopes to be married and starting a
CAIT HUDSON is eager to succeed as a real estate agent, hosting open houses and doing floor time (attending to walk in clients) to gain experience.
family by the time she is 30 years old. Her boyfriend, Garrett Shoaff, is a cardiac ultrasound technologist in Southern California and will relocate here. It was Shoaff who encouraged Hudson to take
some real estate courses. Hudson says of real estate, “I’m taking it very seriously. I want to be successful.” For more information, visit caithudson.com.
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