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Estate planning strategies for blended families

Overview

In a column series, Paul Hergott examines estate planning strategies for blended families, specifically addressing the complexities of managing inheritance when spouses have children from previous relationships.

The discussion begins by exploring the limitations of traditional mirror wills, which can inadvertently prevent a spouse from directing wealth to their own chosen beneficiaries. Hergott suggests that achieving an equitable division between biological children and stepchildren may require complex tactics or separate written agreements.

The series concludes by discussing methods for protecting assets from specific heirs. Using a hypothetical scenario, the text notes that individuals can change beneficiary designations on accounts such as Tax-Free Savings Accounts (TFSA) or Registered Retirement Savings Plans (RRSP/RRIF) confidentially, as investment companies are not required to notify other parties of these changes.

Entities

Paul Hergott

Timeline

  1. [CULTURE] 5 sources
    Estate planning strategies for managing inheritance

    Paul Hergott concludes a series on estate planning, detailing how individuals can use confidential beneficiary designations on TFSAs and RRSPs to control inheritance.

  2. [CULTURE] 5 sources
    Estate planning strategies for blended families discussed by Paul Hergott

    Paul Hergott discusses estate planning tactics for blended families, exploring how to manage inheritance to ensure wealth is distributed according to specific wishes rather than through standard mirror wills.

Sources

hauptmanlaw.com · kelownacapnews.com · lakecountrycalendar.com · revelstokereview.com · saobserver.net · similkameenspotlight.com · westknews.com