Only about 35% of families remain “traditional,' and modern families need modern planning
The 45Annual Notre Dame Tax & Estate Planning Institute in South Bend, IN brings together some of the top estate planners from around the country to lecture at a two day conference. This is the 3in a series of articles elaborating on some of the many planning nuggets gleaned from the conference that might have important planning implications to readers.
What does an American family look like today? Apart from 35% that are called “traditional” , 31% are childless families and 34% are considered “modern” families. This can include a myriad of non-Cleaver like characteristics like:· Same sex couples· “Families” with non-marital children. Blended families are common and growing. Over 50% of US families are remarried or re-coupled. Biological and step-children raise issues. If they have all grown up in the wealth and make inferences based on lifestyle. How are your children versus your spouse’s children to be treated for inheritance purposes? What if you’re very wealthy and your spouse is not.
Modern families might require a different type of meeting format and different types of communication. How should family members and advisers elicit or share delicate information? How should family meetings be handled? Whatever has been done historically for traditional families, may not be practical.
· Trust protectors are a recent addition to the pantheon of trustees and other fiduciaries and power holders named in estate planning documents. A trust protector might be given certain high level powers such as the right to remove and replace the trustee, change the situs for the governing law and administration of the trust, etc. This too can provide a critical check and balance on the trustees powers, and flexibility to deal with changing circumstances.
· Division and merger provisions can facilitate the trustee combining trusts for the same beneficiary or family unit to save professional fees and reduce complexity.
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