Estate Planning for Blended Families: Providing for Your Spouse & Children in a Second Marriage [Paperback]

Richard E. Barnes (Author)

Book Description

Publication Date: May 18, 2009 | ISBN-10: 1413310184 | ISBN-13: 978-1413310184 | Edition: 1 Original

Estate planning can be a hard topic to tackle in any family, but issues compounded with a second marriage and Ablended family.A definition of blended family example. Typical blended families will be in the context of a second marriage for one or both spouses, with children of the first marriage on one or both sides who may be of ages that vary greatly. Often there are children of the new marriage, too, who can then be much younger than the children of the first marriage.

Editorial Reviews

Review

"In "Estate Planning for Blended Families," Barnes spells out numerous possibilities and circumstances to meet the myriad needs of readers. Some information may apply to almost all readers in a blended family, such as how to find the right lawyer, dealing with heirlooms, etc.Some is more circumstance specific. For example, there is a section on "The May-December Romance," with sub-sections: "Providing for the Younger Spouse," "Providing for the Older Spouse's Children," "Providing for Children from the Current Relationship." Barnes keeps the text lively with illustrative examples, graphics and sidebars. This book is informative and interesting. It is not written in legalese but in an easy-to-read format..." (The Valdosta Daily Times. 20090502)

"A much needed book that thoroughly covers a complex and emotional topic with great sensitivity and clarity. Anyone with a large family or significant wealth should have this on their shelves just to be prepared." (JOSEPH H. ASTRACHAN Editor, Family Business Review and Executive Director of the Cox Family Enterprise Center )

"Blended families face unique challenges when they begin to plan their estates. Richard Barnes' straight forward exploration of many of these challenges makes it a must read for remarried couples." (JON GALLO, Co-Author, Silver Spoon Kids: How Successful Parents Raise Responsible Children )

From the Publisher

Providing for Your Spouse & Children in a Second Marriage

See all Editorial Reviews

Product Details

• Paperback: 368 pages
• Publisher: Nolo; 1 Original edition (May 18, 2009)
• Language: English
• ISBN-10: 1413310184
• ISBN-13: 978-1413310184
• Product Dimensions: 9 x 7 x 0.9 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (30 customer reviews)
• Amazon Best Sellers Rank: #694,194 in Books (See Top 100 in Books)

More About the Author

Richard Barnes is a practicing lawyer with over 20 years' experience in advising families and business owners in creating powerful legacies through business and estate planning. Richard is the Vice-Chair/Chair-Elect of the Fiduciary Law Section of the State Bar of Georgia and a Fellow of the American College of Trust and Estate Counsel. Richard is a frequent speaker and has written extensively on business and estate planning issues.

Richard believes that the estate planning process should be a rewarding one. In his writing, he combines humor, poetry and practical examples to illustrate potential plans in a down-to-earth manner.

Richard graduated from Vanderbilt Law School in 1987, where he was the Senior Student Writing Editor of the Vanderbilt Law Review. Richard majored in Classical Greek while at Rhodes College, which has proven extremely helpful in furthering his understanding of the Internal Revenue Code.

A native of Atlanta, Georgia, Richard practiced there for a number of years before moving to Valdosta, Georgia with his wife, Bridgett Moore, and their son, Tucker. Richard and his family live on a farm with an assortment of horses and miniature donkeys and an abundance of dogs.

Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

5.0 out of 5 stars A great start for thinking through some tough questions, September 5, 2009

By 

K. Nettles (US) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Estate Planning for Blended Families: Providing for Your Spouse & Children in a Second Marriage (Paperback)

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If this book were simply about the various estate planning options available, it would be undistinguishable from any of several other well-written books on the subject. The true strength of the book for me was the moral compass and genuine kindness that the authors encourage as they explain the various factors to consider in developing a plan. If you're looking for "10 ways to screw the ex-wife" or "How to leave your step-father homeless after mom dies," then this book is not for you. This book advocates for doing the right thing by all family members, which does not always mean even-stevens. With this purpose in mind, various scenarios and alternatives are examined. By the end of the book, I had a much better idea of how to approach our own estate planning and feel much more confident about how to direct our attorney in drawing up the papers.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Highly recommended, June 6, 2009

By 

Patricia A. Powell (gladstone, nj USA) - See all my reviews
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This review is from: Estate Planning for Blended Families: Providing for Your Spouse & Children in a Second Marriage (Paperback)

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I am a professional financial planner with over two decades of experience. It is with this background that I tell you that I love, love, love this book! It should be on the bookshelf of every financial planner, and read by anyone entering a second marriage where there are children from prior marriages.

How could one book be appropriate for both the novice and the professional?

* For the Novice: The books concepts are presented in English, not "legaleeze"; that will let the you develop some understanding of the blended family estate planning issues; let you think things through and talk things over before contacting a lawyer.

* For the Professional: This book is really well done. If you haven't studied estate planning issues in a professional program such as the CFP® (Certified Financial Planner), then this will be a great help to you. If you are already a CFP® ,(or other qualified professional) then this will be a quick up-to-date reference for you. Nola indicates that there are "Free legal updates at Nolo.com"

To give you an idea why I am so positive on this book... page 212 has the simplest tip that will save your heirs the frustration and agony of dealing with indifferent professional trustees and could save them thousands or tens of thousands of dollars in fee. It tells you that your trust documents should have a way to replace the trustee. It has been my professional experience that trustees work harder if they can be replaced. Additionally it is possible to negotiate fees if the banks/trust company needs to compete for your business. In all the years that I have been working as a planner, I have only seen 1 law firm produce such documents without a specific request of the client. Why is that? I can only speculate. But, law firms and banks/trust companies often refer clients back and forth. No money changes hands directly, but the fees earned indirectly can be staggering.

Don't expect that a single book is a substitute for a qualified estate lawyer. Wills, trusts and other estate planning tools in the opinion of this writer need to executed by qualified attorney licensed as such in the state in which you are domiciled. While almost any licensed attorney can do a will, whether or not that attorney is "qualified" to handle the sophisticated level of estate planning required by many blended families is another matter. This book should help you discern whether or not you have found the right professional for you.

Also, each state has its own peculiarities when it comes to estate planning. Some are community property states; some not. Some states are incredibly expensive when it comes to probate; in others probate is so easy and inexpensive to go through probate that probate avoidance can easily cost you more than the probate process. No single book can address all the state specific issues.

Estate Planning for Blended Families is not a substitute for highly trained qualified professionals. But it will allow the client to be much more engaged in the process, increasing the odds of a successful outcome. I highly recommend this book.

3 of 3 people found the following review helpful:

4.0 out of 5 stars Strange grouping of topics. Important, but still strange., February 23, 2010

By 

MicheleLB "Michele" (Southwestern Connecticut - United States) - See all my reviews
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This review is from: Estate Planning for Blended Families: Providing for Your Spouse & Children in a Second Marriage (Paperback)

(What's this?)

This book is a great resource for blended families. You know, families with half-siblings, step-siblings, step-parents, and the financial things you need to do to safeguard all of them. This book is very specific in some areas, so it might not apply to everyone in a blended family. The book is organized fairly well but I still had some problems reading through it to find what applied to our family. I pick up a book like this to read through and see something that I might have forgotten to plan for, but I gave up halfway through reading it like an informative book and instead have decided to use it for reference. So it was different than I expected, but still useful!