Trusts and step-children
My wife and I both have children from a previous marriage.
We intend establishing trusts to ensure that the surviving spouse as well as the children of the deceased spouse get to share in the income from each trust - and upon the death of the surviving spouse the balance in the trust will be distributed to the children.
We are meeting with an attorney who specializes in estate planning and trusts next week. In the meantime, I am wondering how others have handled the issue of property distribution when it comes to children from a first marriage - and especially how trusts have been used to take care of the surviving spouse's needs as well as those of children from a first marriage.
I'd like for us to be somewhat informed about alternative approaches used prior to meeting with the attorney.