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Home / Estate Planning / Remarriage: Treat New Spouse Like Royalty

Remarriage: Treat New Spouse Like Royalty

November 17, 2022 by Brandon McGee

Blended families can be challenging in many ways. In many ways, you are forging a new path. You have commitments and responsibilities from your prior relationship, such as your children. Now you are taking on new commitments and responsibilities in this new relationship, such as your new spouse.

Often, issues arise when spouses enter a marriage where there are children from a prior relationship. Typically, you want to care for the new spouse without leaving out your children. The best way to do this is to keep your property separate during life and treat the new spouse like royalty at your death.

Blended Families

Much of the wealth and income of royalty is derived from property to which they do not have access, but from which they get income. For example, in 1337, King Edward III set up the Duchy of Cornwall for his son, Prince Edward. Today, that Duchy consists of 140,000 acres in 25 counties including agricultural, commercial, and residential property, as well as a sizable financial investment portfolio. The Duchy has passed down through the generations to whomever is heir to the throne of the United Kingdom. However, the beneficiary of the Duchy only receives the income from the property and may not sell off the assets for their own benefit.

Similarly, you can set up your estate plan so that at your death your assets go into a trust for the benefit of your new spouse. Your new spouse could get the income from the assets, but would not be able to sell them and deprive your children of the benefit of those assets after the spouse’s death. If desired, a trustee can be given the discretion to dip into the principal for the spouse’s benefit if he or she really needs money, say for medical care.

By leaving assets in this manner, you preserve your assets for your children, while providing for your new spouse in the event of your death. This has the added advantage of preventing your assets from becoming marital or community property assets if your new spouse remarries after your death. Further, such a trust will qualify for a marital deduction so no estate taxes would be due at your death, only at the death of the spouse.

Blended families are a unique mixture of needs and desires. There are many methods and strategies which you can use to satisfy both those needs and desires. A qualified estate planning attorney can help guide you through the legal thicket that faces you.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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