Blended families are almost the norm in today’s world, but the financial and estate planning issues that such families encounter are tricky. Maximizing savings for income and estate administration taxes can mean that children from earlier relationships get little or nothing from a parent’s estate. Providing for children born into the second relationship, often much younger than children from the first relationship, can be equally difficult in terms of balancing the best interests of all of the children. Setting up long term trusts for the benefit of a surviving spouse in order to protect capital for children of the first relationship means a potentially long term relationship where someone has to remain responsible for managing and distributing assets to a spouse and later to the children, with potentially difficult relationships developing over the time.
There is no easy solution and the solutions for each family are usually different.
The webinar explores the pitfalls and some of the solutions that can be brought to bear on such planning.
Hosted by Margaret E. Rintoul. Margaret is a partner with Blaney McMurtry LLP, where her practice focuses on estate planning, litigation and mediation in estates, trusts and adult guardianships, power of attorney administration, and acting for both trustees and beneficiaries.She was called to the Bar of Ontario in 1978, graduated on the Deans’ List with an LL.B. from the University of Western Ontario in 1976 and completed Stitt Feld Handy Group program in Alternate Dispute Resolution. Margaret was rated by the Chambers High Net Worth Guide in 2017, 2018 and 2019 and is currently rated by Lexpert as a leading practitioner in the area of estate law.