Thursday, July 24, 2014
The drama caused by the combination of a large estate, second marriage, and conflict between the current spouse and children from a prior marriage is not unique to Casey Kasem or his estate. However, when there is a significant age gap between spouses which makes one spouse closer to the children’s ages then the deceased spouse, estate planning considerations are not completly typical. Leaving everything to the spouse can create tension between the younger spouse and the children. Here are some estate planning tools that can help ease the tension and reduce conflict:
- A QTIP trusts that provides for the spouse during their life and then for the children can be useful, unless the age gap between the two is so close that the children outliving the new spouse is unlikely.
- A life insurance policy can be used to either divide inheritance or provide for the spouse and leave the remaining estate to the children.
- Creating a revocable trust can help a complicated situation by keeping it flexible and avoiding the public eye.
- A good old fashion family meeting can help prevent future conflict by making sure all parties have reasonable expectations for what will happen.
See Annika Ferris Cushnie, How Proper Plannign Can Avert a Casey Kasem-Type Drama, Market Watch, July, 23, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.