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	Life Events & Financial Decisions Major Life Events Moving in With a Partner Cash Flow Management Taxes Insurance Property Ownership Retirement Planning With Your Partner Marriage Wedding Planning Joint Goal Setting Establishing Financial Accounts Filing Income Taxes Coordinating Employee Benefit Plans Reviewing Retirement Plans Having Children Pregnancy New Parents Guide Foster and Adopted Children Disabled Children Other Financial Issues Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance Divorce Dividing Assets and Debts Cash Flow Management Retirement Benefits Insurance Tax Considerations Estate Planning Remarriage Communication Is Key Money Management Children and Stepchildren Child Support Issues Ex-Spouse Issues Planning for Retirement Calculate Retirement Savings Catch-Up Strategies Create a "Retirement Paycheck" Get Your Retirement Plan Back on Track Death and Dying Planning for Death Planning for a Funeral Death of a Relative Starting Off Right All About Credit Savings Start Saving Today Tax Deferred Savings Protect Your Assets with Insurance Income Tax Planning Health and Family Support Health Insurance Health Insurance Tips Addictions and Finances Disability Insurance Aging Parents Proactive Plans Costs of Caregiving Moving in with their Children Living in an Assisted Living Facility Helping a Parent Financially Death and Dying Planning for Death Death of a Relative Planning for a Funeral Wills and Estates Importance of Estate Planning Planning for Estate Taxes Wills Gifts and Inheritances Powers of Attorney Education and Careers Jobs and Benefits Career Transitions Relocation Unemployment Managing Job Benefits Retirement Savings When Planning a Job Change pt1 Retirement Savings When Planning a Job Change pt2 College Planning Saving for College Calculate College Savings Savings Plans Financial Aid Catch-Up Strategies Military Service Active Duty Deployment Financial Planning Planning a Major Purchase Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance New Car Buying Used Car Buying Car Leasing Big Ticket Items Crisis and Emergencies Theft Natural Disasters Emergency Preparedness Identity Theft Terrorism Tackling Medical Expenses

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Children and Stepchildren

Develop fair and uniform policies for all children living at home regarding allowances, spending money, payment for services (such as lawn mowing), and equipment purchases (such as cellphones). Otherwise, children and stepchildren, alike, are likely to cry “unfair” about differences in the parents’ money management practices, which can increase family tensions.
Consider hiring a lawyer to draft a Qualified Terminable Interest in Property Trust (QTIP) trust. This is a legal document that allows the creator to leave income from his or her assets to a spouse for life but the assets themselves are distributed to children from a prior marriage.
Another option is to establish an irrevocable trust funded with life insurance. When a parent dies, the trust’s life insurance policy provides an immediate death benefit to children from a first marriage rather than waiting for the stepparent’s death as with a QTIP trust.


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Life Events & Financial Decisions

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Children and Stepchildren

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