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Home » Insights » Planning for a Non-Traditional Family (Which Is Probably
Yours)


PLANNING FOR A NON-TRADITIONAL FAMILY (WHICH IS PROBABLY YOURS)

Kara Duckworth

CFP®, CDFA®, Managing Director of Client Experience







 * January 19, 2021


SUMMARY

Originally published on Kiplinger.

What do you think of when you hear the word “family”? In the past, many would
think of the historical “traditional” family, with opposite-sex parents who have
only been married to each other and have one or more healthy and thriving
children who are under age 18 that are biologically related to both parents and
living at home. In reality, though, families in the U.S. are far more diverse
and complex, and the traditional family is not as prevalent as we might think.

The U.S. Census Bureau’s American Community 2019 Survey reports that only 19% of
family households would be considered part of a traditional family, defined as a
married couple living with children. The remaining family households include 7%
single parents with children, 30% married couples without children living at
home, and 44% with non-family living arrangements of various kinds. Adding these
figures all up reveals the vast majority of Americans are now part of
“non-traditional” family structures.


 * Personal Finance, Wealth Management

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MEET TODAY’S ‘MODERN’ FAMILIES

So, what is a non-traditional family? Working with our wide base of clients, we
have seen a huge variety of family structures. And the planning for all these
different types of relationships requires specific goal-setting and deliberate
implementation of your financial and estate plans to make sure your intentions
are carried out. Some examples of non-traditional families – or as I call them,
“modern families” – include:

 * Blended families
 * Divorced couples
 * Cohabitating couples
 * Same-sex couples
 * Intentionally single parents
 * Families with non-marital children (stepchildren, adopted children or foster
   children)
 * Grandparents raising grandchildren
 * Children serving as caregivers to their aging parents

How do you know you have done the best possible job in making sure your
intentions are followed if you have a modern family? First you need to take the
time to think about what your goals are before you even begin figuring out what
kind of planning is appropriate for you. What are your priorities: Are you
planning primarily for yourself? Do you want to protect a spouse or partner?
What about your pets? Do you want to make sure your kids have a safety net but
expect that they should be mainly financially independent? Do you have an
extended family member with a disability whom you need to provide for? Write
down all the things that you want to consider and share those goals with your
financial adviser and estate planning attorney to begin the planning process.

 


HOW A GRANDSON ALMOST GOT LEFT OUT OF AN ESTATE PLAN

Start by defining who you consider to be your family and recognize that in a
“non-traditional” set of circumstances, you need to be very specific. For
instance, I worked with a client who told me all about how much they loved their
grandson, and one of their key legacy goals was to make sure his college
education would be paid for out of their estate. Upon further discussion of
their family structure, I realized that their grandson would not be included as
a beneficiary under the terms of their current estate planning documents, which
simply listed their issue (meaning their child and her children) as
beneficiaries.

In this case, the little boy they completely loved as their grandson was not
biologically related to them – he was actually their daughter’s stepchild – and
therefore did not qualify as their grandchild as defined in their documents. We
completed a restatement of their revocable living trust so that stepchildren and
step-grandchildren were specifically included as beneficiaries to solve this
problem.

 


A CLIENT BALANCES WISHES FOR HER SECOND HUSBAND WITH HER CHILDREN

In blended families, we often see dual interests for both the spouse from a
subsequent marriage and the children of a first marriage. As an example, I work
with a couple who now live in the home that the wife lived in with her first
husband. This home was where she raised her children from her first marriage.
The home is large and expensive to maintain, and the assets used to cover the
household expenses are her separate property.

Should something happen to the wife, the second husband could not afford to live
in the house unless she left sufficient funds in trust to provide for his living
expenses. Since the wife feels the house is home base for her children, she
wants to leave the property to her children after her death. However, she also
wants her second husband to be able to enjoy the lifestyle they currently share
together.

How do you provide for what seem to be competing interests and be fair to all
parties? We created a use trust that would be established after her death, which
would have enough funds to cover the home maintenance expenses and allow the
husband to live there until he passed away or no longer wished to live in the
home. At that point, the house and any assets remaining in the use trust would
pass to her children. This arrangement allowed for both the second husband and
the children to have their interests protected.

 


THE BOTTOM LINE: BE OPEN AND HONEST

The hit television show Modern Family showed how a variety of relationships can
exist in a loving family. It also reflected the reality of American families
today: They are as every bit as complex and varied as the people who comprise
them. They also share many of the same joys, challenges, traditions and
milestones.

Regardless of your family’s makeup, you can honor your bonds with careful and
specific legacy planning. The key to ensuring your intentions are fulfilled is
to be open and candid about your goals for your loved ones with your financial
and estate advisers so they can give expert advice on how to best achieve your
wishes and secure your modern family’s future.




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October 4, 2023

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This article was written by and presents the views of our contributing adviser,
not the Kiplinger editorial staff. You can check adviser records with the SEC or
with FINRA.

 

Mercer Advisors Inc. is the parent company of Mercer Global Advisors Inc. and is
not involved with investment services. Mercer Global Advisors Inc. (“Mercer
Advisors”) is registered as an investment advisor with the SEC. The firm only
transacts business in states where it is properly registered, or is excluded or
exempted from registration requirements. All expressions of opinion reflect the
judgment of the author as of the date of publication and are subject to change.
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parties that are not affiliated with Mercer Advisors. The information is
believed to be accurate, but is not guaranteed or warranted by Mercer Advisors.
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illustrative purposes only and do not imply a recommendation or solicitation to
buy or sell a particular security or to engage in any particular investment
strategy. For financial planning advice specific to your circumstances, talk to
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indicative of future results. Therefore, no current or prospective client should
assume that the future performance of any specific investment, investment
strategy or product made reference to directly or indirectly, will be profitable
or equal to past performance levels. All investment strategies have the
potential for profit or loss. Changes in investment strategies, contributions or
withdrawals may materially alter the performance and results of your portfolio.
Different types of investments involve varying degrees of risk, and there can be
no assurance that any specific investment will either be suitable or profitable
for a client’s investment portfolio. Historical performance results for
investment indexes and/or categories, generally do not reflect the deduction of
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investment-management fee, the incurrence of which would have the effect of
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are no assurances that it will match or outperform any particular benchmark.
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and contingencies outside Mercer Advisors’ control. Mercer Advisors is not a law
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documentation preparation and other legal advice is provided through its
affiliation with Advanced Services Law Group, Inc.

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