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Blending Families, Blending Finances in Virginia

Blended family moments"All couples should have [a] talk [about] finances before they get married. But it's especially important to cover all the bases when the union involves two previously established households with children and other complications, such as parents who may need financial or physical support as they age, or ex-spouses still in the financial picture."

You might say a family is simply greater than the sum of its parts. This calculus is no less true for a blended family than for a traditional family. On the other hand, with the blended family there are so many more pieces with moving parts and the figurative choking hazard that it bears a closer look.

Blended families, however loving, oftentimes have more than a few things to address when it comes to financial and estate planning.  Indeed, the challenges faced by the blended family are frequently discussed in professional financial and legal circles. In part, this is because blended families are the new normal. If your family is “blended,” then it is only prudent to consider any tips regarding common challenges you may face.

In that spirit, you will want to read a recent article from Daily Finance titled “Blended-Family Finance: Tips Every Modern 'Brady Bunch' Should Consider.” [Food for thought: we are coming up on 50 years since the Brady Bunch debut, and we are still learning family lessons from that show.]

While so much of “blended family” planning depends on your own unique blended family, it never hurts to learn from the experiences of others similarly situated. Here are some of the lessons gleaned and shared in the article:

  • Agree on roles and responsibilities.
  • Discuss your philosophies on saving, spending and investing.
  • Establish some mutual financial goals.
  • Protect your future.

In addition, you will want to read the pointers shared in the article when it comes to “taxes and estate planning. In the end, the only way to have a successful blended family is to plan appropriately once you are all in.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning

Reference: Daily Finance (November 5, 2013) “Blended-Family Finance: Tips Every Modern 'Brady Bunch' Should Consider

 

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.