A blended family requires smart estate planning

Description

Abstract: If a person is married and has children from a previous marriage plus children or stepchildren from his or her current marriage, that family is considered a blended family. For those who wish to pass their wealth on to all of their biological children but also provide for their spouse and perhaps any stepchildren, estate planning can get tricky. Two estate planning strategies to consider involve a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT).