One day you’re single with children (either grown or growing up way too fast right before your eyes), and the next thing you know you’ve gotten married and your spouse has children as well.

Congratulations!  You’re now part of what’s commonly referred to these days as a “Blended Family.”  Actually being in a Blended Family isn’t all that uncommon in 2017.  Fact is, over 50 percent of USA families are of the blended variety.

Sure there are adjustments however the goal’s simple- create a warm family atmosphere where everyone enjoys being together and respects each other.  Speaking of adjustments, one area that many spouses fail to act is reviewing their estate and how things need to be addressed because of the adjusted family dynamic.

For starters, as people approach their 70th birthday (and even if you’re between the ages of 70-75) an important document to secure your future must be in place.  Some call this document a Power-of-Attorney (POA) however I refer to it as a Powerful Power-of-Attorney.  Why?  Because I’ve seen far too many of these POA’s spring leaks and become obsolete.  As you know, things evolve.  Has your POA kept up with the changes in your life?   The time to make sure your Power-of-Attorney has power is now, especially if you’ve not updated your POA since your Blended Family took shape.

Step two is to realize that you’re playing with fire, if you don’t have provisions in place to cover future healthcare expenses.  For example, did you know that in Ohio, it can cost as much as $10,000 a month to receive care in a nursing home?  Certainly none of us wants to think we’ll wind up in a long-term care facility (whether it’s a nursing home or an assisted living community).   Failing to plan to have these costs covered places your assets in jeopardy.  Through the years I’ve seen homes sold and bank accounts liquidated to pay the bills.  Sadly, many believe Medicaid will pay the expenses.  I can’t tell you how many times I’ve had people come to my office in tears begging me to help them figure out a way to pay the bills after discovering Medicaid wasn’t the answer.

Blended family spouses have additional challenges because you need to make sure your wishes are acted on.  Will you leave your assets (provided you’ve now got them protected) entirely to your spouse?  Do you want your children to share in your financial legacy?  What about any of your step-children?  Answering these questions is your next step in this process.

I’ve presented you with three steps.  There’s a fourth which will insure that steps one, two and three are successfully completed.   Step four is to contact us at The Stano Law Firm in order to attend one of my bi-weekly free seminars at the Stano Senior Resource Center, 6650 Pearl Road in Parma Heights.  You’ll discover more about your options, and what are your best resources to grow and preserve assets to pay for long term care. Plus make sure to financially remember your Blended Family loved ones.  Register at StanoSeminars.com (seating is limited) or call 440-888-6448 to reserve your spot.

Yes there are things you can do.  Four simple steps to make sure your Blended Family has the kind of financial well-being you want!