{"id":49692,"date":"2013-08-02T13:26:43","date_gmt":"2013-08-02T13:26:43","guid":{"rendered":"http:\/\/buckleylaw.com\/?p=2953"},"modified":"2020-05-05T08:03:01","modified_gmt":"2020-05-05T14:03:01","slug":"planning-for-blended-families-part-i-intake-process","status":"publish","type":"article_posts","link":"https:\/\/buckleylaw.com\/article_posts\/planning-for-blended-families-part-i-intake-process\/","title":{"rendered":"Planning for Blended Families: Part I – Intake Process"},"content":{"rendered":"

The \u201cblended family\u201d comprises a fast-growing segment of US households. Whether an attorney or investment advisor, fine-tune your intake or initial interview process to determine the desirability of representing a blended-family client, assess the accepted client to determine your counseling strategy, and hit the ground running with the information you need to begin strategy planning.
\nAs noted, attorneys face different client engagement issues than advisors and CPAs.\u00a0 This content seeks to illuminate the client-discussion topics but not to precisely define the boundaries between the planning perspectives.
\nTakeaways:<\/strong>
\n* \u00a0Blended families have unique and complex planning needs<\/strong>
\n* \u00a0Planning for blended families may be an important growth area for your business<\/strong>
\n\u00a0 \u00a0– \u00a0Blended families continue to grow in number<\/strong>
\n\u00a0 \u00a0– \u00a0Blended families often require advanced planning strategies<\/strong>
\n* \u00a0Extending an engagement letter to a blended-family couple warrants careful consideration<\/strong>
\n* \u00a0Your intake interview is an important professional relationship tool<\/strong>
\nHow a \u201cBlended Family\u201d Is Different from a \u201cTraditional Family\u201d<\/strong>
\nA \u201ctraditional\u201d family is one in which any child is a child of both spouses. A \u201cblended family\u201d includes at least one child for whom only one of the spouses is the parent. Money-related discussions for any family can be challenging. But\u00a0the dynamics of a blended family can make these discussions more difficult and more critical.
\nDisparity in Age<\/strong>
\nAge differences between spouses may be more significant in a remarriage.
\nAge differences between children in a blended family also may be more significant. These wider age differences mean guardianship issues and\u00a0planning\u00a0issues will be unique to each child. In some family situations, older stepsiblings may be willing to be named as guardian for their younger stepsiblings.
\nIn addition to contributing to the potential for conflict, age similarity between the spouse and a stepchild must be considered in a planning strategy.
\nDisparity in Wealth<\/strong>
\nAny significant disparity in net worth between the spouses can make estate planning more critical early in the remarriage.
\nConflict and Animosity<\/strong>
\nBringing two families together can lead to animosity between spouse and stepchildren, between stepchildren, and between parent and children\u2014this animosity can damage or destroy the relationship between the spouses. Aside from contributing to unpleasant living situations or family gatherings, the conflict and animosity that can exist in a blended family can prevent communication. And yet, effective communication is key to identifying potential issues and creating a sound financial and estate plan for the unique needs of a blended family.
\nBecause of the increased potential volatility and the different legal status afforded blended families, advanced planning strategies may be important tools to implement.
\nWhat you need to know<\/strong>
\nReview your intake interview to ensure it\u2019s designed to fully explore these unique aspects of a blended family so you\u2019ve got an excellent starting point to begin strategizing with your client.
\nImportant Information You Need but Don\u2019t Ask Outright.<\/strong>
\nThe intake process will provide you with a lot of information you\u2019ll need to determine:
\n* \u00a0if you want to represent a client;
\n* \u00a0if you\u00a0can<\/i>\u00a0represent both spouses;
\n* \u00a0your counseling strategy; and
\n* \u00a0planning strategy.
\nYour powers of observation are critical both to deciding whether to offer an engagement letter to a blended-family prospect and to planning your counseling strategy for them.
\nPower Imbalance<\/strong>
\nEspecially<\/i>\u00a0if your intake questionnaire indicates a large disparity in age, net worth, education, or health, carefully observe how a couple\u2014and the whole blended family if children are present\u2014interacts during the interview to identify and explore potential power imbalances.
\n* \u00a0Is one spouse doing all the talking?
\n* \u00a0What does their body language tell you?
\n* \u00a0Does one spouse look to the other for consensus?
\nDenial<\/strong>
\n\u201cThey\u2019re all\u00a0our<\/i>\u00a0children.\u201d Estate planning attorney and WealthCounsel Member Jeff Sydney identifies this statement as a bright red flag. In his experience, couples in denial about the important and unique needs of a blended family are extremely hard to counsel. A blended-family couple must be willing to acknowledge that their situation is a breeding ground for conflict. The more access you have to the family\u2019s dynamics, the better strategy you can create for its specific needs. Without that access, you can at least plan for the \u201cworst case scenario,\u201d, but even that kind of planning requires the couple to acknowledge that effective planning must contemplate conflict. The more complex a family\u2019s situation, the more specific and detailed the planning strategy must be.
\nConfidential Information<\/strong>
\nRequested private conversations\u2014one spouse requests a conversation with you without the other spouse present\u2014are another flaming red flag. Sydney indicates that the request typically starts like this:\u00a0 \u201cI didn\u2019t want to say this in front of my [spouse], but . . .\u00a0\u201d\u00a0and, if you don\u2019t stop it, sometimes concludes with disclosure of a secret child or hidden asset. \u00a0For an attorney, this attempted or achieved disclosure of non-shared information raises critical and perhaps insurmountable issues concerning representing the couple as joint clients. For that reason, attorneys must have the \u201cno secrets among us\u201d conversation at the very earliest opportunity and refuse any proffer of secret information from one spouse.
\nWhat you need to know<\/strong>
\nIf your intake interview is designed for blended families, the answers it prompts will be a strong indicator of whether you want to or can engage a client. But make sure to read between the lines of how a blended-family couple interacts so that you have the whole picture. Make sure your intake process includes counseling strategy assessments so that you can effectively facilitate open, honest communication essential to effective client meetings.
\nYour Ethical Obligations as They Relate to Blended Families<\/strong>
\nTurning away a client may seem counterintuitive to your business plan, but carefully screening potential clients keeps you in the driver\u2019s seat. For an attorney, declining a potential client at the outset is easier than resigning from an existing relationship. After a thorough intake interview, you will be able to determine if you are qualified to handle the client\u2019s needs, if any conflicts exist, and if you want to proceed to the next step. Carefully assess the prospective clients\u2019 direct responses to the interview questions and their observed behaviors. Be sure that the clients are forthright with each other and with you about the information needed to provide an effective and realistic financial plan for their family situation. A professional relationship founded on incomplete information and poor communication will keep you up at night and may lead to ethics issues. A positive professional relationship will be a more positive experience for you and will generate new leads for your business.
\nFor the attorney or advisor:
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Should you represent both spouses?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Should you represent parents or children of existing clients?
\nEthics questions for the attorney:
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will you represent both of the spouses as a couple, or will you represent only one of the spouses?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If you represent the couple, does your engagement agreement contain necessary conflict-of-interest disclosures and waivers of attorney-client privilege as to each spouse?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If you represent only one of the spouses and have met with both of them, have you informed the other spouse in writing of his or her need to retain independent counsel?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If the other spouse has retained separate counsel, have you informed your client and your staff and instructed them in writing to deal only with the spouse\u2019s counsel in matters related to the planning engagement?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If the other spouse has waived the right to independent counsel, did you get that waiver in writing?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 When should you resign from an existing engagement?
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 When\u00a0must<\/i>\u00a0you resign from an existing engagement?
\nAttorneys\u00a0must know state requirements\u00a0specific to representing blended families. Some state statutes address:
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Duty to enter into written contract
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Duty to avoid actual conflict of interest
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Duty to avoid potential conflict of interest
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Duty to maintain client\u2019s confidence
\nWhat you need to know<\/strong>
\nYour observations during the intake interview may raise some ethics questions in your mind about representation. Know your state\u2019s laws and ethics rules.
\nActions to Consider:<\/strong>
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Market your professional services to blended families.<\/strong>
\nBlended families represent a growing share of the market, and they often afford the opportunity to implement advanced planning strategies. They can represent an excellent client base for your planning practice.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Make an informed decision to represent a blended family.<\/strong>
\nRecalibrate your intake process to screen potential blended-family clients for some of the known landmines.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Maximize your time together, fostering a productive and efficient professional relationship.<\/strong>
\nCollect the information you need to formulate your counseling strategy.
\nOur thanks and acknowledgement to WealthCounsel Member Jeff Sydney for his contributions to this article.
\nNext in the Blended Family series:\u00a0 Part II \u2013 Counseling Strategy<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The \u201cblended family\u201d comprises a fast-growing segment of US households. Whether an attorney or investment advisor, fine-tune your intake or initial interview process to determine the desirability of representing a blended-family client, assess the accepted client to determine your counseling strategy, and hit the ground running with the information you need to begin strategy planning. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"article_categories":[71],"yoast_head":"\nPlanning for Blended Families: Part I - Intake Process - Buckley Law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/buckleylaw.com\/article_posts\/planning-for-blended-families-part-i-intake-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planning for Blended Families: Part I - Intake Process - Buckley Law\" \/>\n<meta property=\"og:description\" content=\"The \u201cblended family\u201d comprises a fast-growing segment of US households. 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