Lancaster, CA (PRWEB) September 9, 2008
Antelope Valley estate planning law firm Thompson Von Tungeln helps its affluent and discriminating clients provide for blended families in their estates
"Such blended family concerns are difficult and complicated to address in estate planning," said Kevin L. Von Tungeln, managing partner. "However, it's even more complicated if left unaddressed or inadequately addressed."
Von Tungeln offers three ways to address stepchildren and second marriage issues: all to the survivor; gifts on first death; or decedent's estate stays in trust for survivor's lifetime.
All to the Survivor -- "I call this the 'I trust my spouse' plan" said Von Tungeln. "People trust the surviving spouse to give an equal share of the estate to the spouse's children and stepchildren. I warn people that somewhere between 80% and 95% of the time, the children of the first spouse to die will be disinherited by the surviving spouse."
Gifts on First Death -- To avoid complete disinheritance, each parent can set up a plan where their children get monetary gifts on their death, according to Von Tungeln. This can be done by designating the parent's children as beneficiaries of a life insurance policy or part of a retirement plan as long as the spouse consents.
Decedent's Estate Stays in Trust for Survivor's Lifetime -- The most effective way to avoid disinheriting stepchildren, notes Von Tungeln, is putting the decedent's estate into an irrevocable trust after his or her death. This allows the surviving spouse to have the income from the decedent's estate for his or her lifetime, guaranteeing the remaining principal will go to the decedent's children upon the death of the surviving spouse.
About Kevin Von Tungeln
With more than 17 years' legal experience, Kevin Von Tungeln serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships and elder law. To find out more, go to his LinkedIn profile at: (http://www.linkedin.com/in/kevinvontungeln)
About Thompson Von Tungeln
Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at http://www.tvttrustlaw.com
# # #