If
ABC’s Emmy-award winning TV show, Modern Family, can teach us anything about
estate planning, it’s that the definition of a traditional nuclear family has
been stretched considerably in the last quarter century. The show spoofs
nonconventional family dynamics that mirror the blended families – like second
marriages, same-sex couples and adopted children — that are found throughout
contemporary society.
The “family tree” is a wonderful
little metaphor. More than that, however, the family tree is the basis of the
body of laws surrounding family, estates, and probate (with equal metaphorical
oomph, see “per stirpes”).
For better or for worse, the
“modern family” is not the same as the well-tended tree of former times, and
those old legal definitions just are not cutting it these days. For the modern
family, there simply has to be a bit more planning to get it right.
So, what is the modern family
and how do we even begin to get things right these days? That is an
ever-evolving ambiguity. Recently, Barron’s
Penta took a shot at the topic in a recent article titled “Estate Planning for Modern Families.”
Modern families are breaking
down boundaries and pulling “branches” together and apart too fast for the
legal system to figure it out. The original article appeals to the ABC show of
the same name, Modern Family. However,
a healthy jumping off point comes from the U.S. Census Bureau. It found that in
30% of all marriages at least one spouse had previously been married, bringing
along assets, retirement accounts and kids. In other words, there are lots of
“blended families” (i.e., families composed of greater and lesser proportions
of blood relationship through divorce, remarriage, adoption, and more)! Adding
to the complexity, in many portions of the country a modern family may be the
result of same-sex marriage and same-sex couples adopting.
If your family tree would take
some artistry to draw out – and some of the best ones do – then so too should
your estate plans.
So how do you do that? The
original article has some ideas, but since your family is unique consider them
guidelines. With the assistance of an experienced estate planner you can come
to a careful, tailored plan for all of your loved ones.
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Reference: Barron’s Penta
(October 14, 2013) “Estate Planning for Modern Families”