“Split-Level” Families

The following excerpt is from Jilian Mincer, Estate Planning Is Tricky For “Split-Level” Families, Wall St. J., Sept. 12, 2006:

Donald Trump isn’t the only one who needs to plan financially for a “split- level” family, with children born many years apart — his oldest children past college age and his youngest born just this past March. Many people are needing to rethink their families’ financial futures as a result of second marriages or later-in-life pregnancies. Whether they have the same parents or not, a significant age difference between siblings makes estate planning more complicated.  It requires careful planning to make sure assets get distributed to a spouse and children the way you intend and with minimal tax disruption.  Fortunately, trusts, life insurance and good communications can help achieve those goals, and prevent some of the most contentious issues.