Tax-effective planning to minimise disputes between competing beneficiaries depends on knowing all the applicable tips, traps and practicalities.
Estate and succession planning involving blended families has its own particular challenges. An individual often wishes for their second spouse to be looked after, but wants to ensure the children from the first relationship are not left out.
There are obviously difficult challenges when dealing with competing beneficiaries’ interests, so it pays to know the different options that are available to the individual to provide for their beneficiaries in the most tax-effective manner.
Case studies can go a long way when trying to understand a blended family’s ownership structure and the options available to them to “carve up the pie”. Tax advisers are encouraged to be proactive in their clients’ estate planning, particularly where there are competing beneficiaries’ interests in the blended family context. Readmore
