Lately, non-traditional family structures are becoming more prevalent. Special estate planning documents can be used to accommodate blended families.
- Properly drawn documents containing a Qualified Terminable Interest Property (QTIP) trust can provide income for the second spouse while preserving assets for the children from the first marriage.
- Prenuptial Agreements should be considered in a second marriage situation in order to protect each of the parties’ assets in the event of a divorce. In addition, the agreement sets forth the rights and responsibilities of the parties during the marriage.
- Many times people live together and/or buy property together but may not marry because it does not make financial sense or it is not legal in the State of New York. Cohabitation Agreements can protect the rights and set forth the responsibilities of the persons involved in these types of living arrangements.