People in second marriages often are placed in the difficult position of balancing the wellbeing of their spouse with the needs of their children. Deciding what estate planning strategies to utilize to care for both spouses from second (or additional) marriages and children can be challenging. In the hopes of guiding you through this situation, this article reviews some important issues to consider about estate planning during a second marriage.
# 1 – Comingling Assets
By the point that many people enter second or subsequent marriages, they’ve acquired some amounts of assets. Consequently, spouses must decide whether to combine these assets or keep them separate. While people who want to make sure a new spouse receives assets might decide to commingle assets, people who want to designate assets for children from a previous marriage or relationship might decide to keep assets separate.