Brian and Sherri are a married couple who have a modest estate with no IHT concerns currently. They both have children from previous relationships. The main asset is their house, which they own 50% each. They have Wills leaving their assets to their own children but as they have now been together for a significant time, they would like their spouse to continue to live in the house when the first of them decease, but want to ensure their wealth ultimately passes to their own children.
This is a common situation that many blended families have to deal with, along with other issues such as care fees for older clients. With more advanced planning using a Blended Family Beneficiary Protection Plan, protective benefits for the spouse and children can be readily provided, which enable the surviving spouse to continue to live in a property and guarantee that ultimately it will pass in an IHT efficient manner to their own children.