The hit television series “Modern Family” is a favorite among viewers and critics alike. Many in Philadelphia tune in every week to watch the antics of the Dunphy family. A recent article used the family dynamics at play on the show to illustrate the various estate planning options that many modern families face in the real world.
The patriarch of the family is married to a much younger woman. She has a child from a previous marriage, while he has two adult children from a previous marriage. In terms of estate planning needs, this couple would likely focus on long-term care planning, as it is likely that the wife will long outlive her husband. As for inheritance matters, things become more complex, as the husband likely wishes to provide for both his new wife and his adult children.
One of those children is in a committed same-sex relationship. The couple have adopted two children and would need to take a careful approach to their estate planning to ensure that their long-term care needs and inheritance wishes are provided for. The other adult child is married and has biological children. For both couples, it may be important to designate the parties chosen to be caregivers in the event of the untimely death of the parents.
Philadelphia fans of “Modern Family” are likely not thrilled to consider their favorite characters dying off. However, this approach makes use of the hit television show as something of an estate planning example. In today’s society, the modern family is defined in a number of ways and requires a number of estate planning solutions.
Source: charlotteobserver.com, “Estate Planning for the “Modern Family“, David T. Dufault, Sept. 9, 2016