Issues for Blended Families to Consider When Doing Estate Planning
Many Florida couples who start a second or subsequent marriage on good financial footing enter into marriage with the idea that he will keep his assets, she will keep hers, and the children will inherit from the separate estates.
What they don't know is that Florida inheritance law gives spouses certain rights, even if the spouse does not want to exercise those rights. Under Florida law, the remaining spouse inherits the "spousal elective share":
- Thirty percent (30%) of the deceased spouse's estate, regardless of what it says in a will or who is named as joint owner of an account
- All (100%) of a retirement account, regardless of who is named on the beneficiary form, unless he or she has specifically signed an agreement waiving the right to inherit
For some families, this financial arrangement is acceptable. In many cases, the spouses would prefer that the remaining spouse get the entirety of the estate and that any assets remaining after the second spouse dies be divided among all the children. And some couples would prefer that their assets go only to their children.
Whatever your inheritance preferences are, they can be achieved through the tools available from an estate planning attorney.
At The Charles Law Offices, estate planning lawyer Susan M. Charles works with blended-family couples in Pinellas County, Hillsborough County and the Tampa Bay area. Whether your children are young or adults, whether your estate is large or small, attorney Charles can create an estate plan that ensures your intent is carried out.
Call 866.607.6531 for a free consultation at one of our four local offices, or contact us online.
AV Preeminent* rated, Master of Laws in Elder Law, member of the National Academy of Elder Law Attorneys (NAELA), member of the Academy of Florida Elder Law Attorneys (AFELA)
Premarital and Post-Marital Agreements
For couples with children from a prior marriage, a premarital or post-marital agreement will be an important part of ensuring that your children inherit in the way you intend. A pre- or post-marital agreement can spell out homestead rights, the share of assets that should go to the remaining spouse, and the rights or waiver of rights to any retirement accounts.
Attorney Charles and her staff will help you prepare a premarital or post-marital settlement agreement that communicates all of your intentions clearly and thoroughly, minimizing the chance that problems will develop with the estate.
Perhaps your family did not understand the need for planning early on and now you are facing a problem. For example:
- The deceased spouse was the sole owner of the condo and the remaining spouse has the right to live there, but can't sell it in order to enter a nursing home.
- The spouses agreed that assets would go to children, but when the remaining spouse has a stroke, a guardian is appointed to protect his or her interest. The guardian is not legally bound by that verbal agreement.
Attorney Charles represents surviving spouses and heirs who need to bring murky inheritance cases to probate court in order to protect their property interests and rights.
If you are facing an inheritance problem, call 866.607.6531 or contact us online to arrange a free initial consultation with a Florida probate lawyer.
Offices in Clearwater - Largo - St. Petersburg
*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.
