40% of marriages today create a blended family, which involve children from previous relationships or marriages. I'm very excited for these next two episodes with Tim and Alexis Woodward from the Blend Wealth team!

Financial issues are a hot topic within families. And when you add additional parties, it can create added complexity.

We are breaking down this topic of blended family financial planning considerations into two parts:

Episode 41: Blending and Building Wealth in a Blended Family
Episode 42: Wealth Protection and Transfer in a Blended Family

Tim and Alexis Woodward are co-founders of Blend Wealth, a firm specializing in financial planning for blended families and business owners. We hope you enjoy this episode! If you do, make sure to share this with a "blended family" you care about!! Thank you!

Connect with Tim and Alexis:

Instagram: https://www.instagram.com/theblendcouple/

Twitter/X: https://twitter.com/theblendcouple

Blend Wealth: https://blendwealth.com/

Key Points

6:51 - Financial Planning Complexities in Blended Families:

Blended families face unique challenges in both family dynamics and financial planning, often dealing with children from previous marriages.

9:36 - Starting the Financial Planning Journey:

Importance of transparency and communication about finances between partners.
Different approaches to managing finances: joint, separate, or a combination.

14:55 - Prenuptial Agreements:

Discussed as a tool for addressing financial anxieties and ensuring security for both partners.

18:29 - Setting Financial Goals:

Shared goals might include retirement planning, travel, and charitable giving.
Individual goals often relate to obligations towards biological children from previous relationships.

26:33 - Blended Family Dynamics:

Emphasizes the importance of prioritizing the marital relationship and intentional parenting in blended families.

33:46 - Retirement Specifics:

Social security strategies for blended families.
Tax-efficient withdrawal strategies from retirement accounts.

Resources:

Blend Wealth https://blendwealth.com/
XO Marriage https://xomarriage.com/
Blended Kingdom Families https://blendedkingdomfamilies.com/
Ron Deal's Smart Stepfamily https://smartstepfamilies.com/
FamilyLife Blended https://www.familylife.com/familylifeblended/blended-families/

Blended Family Breakthrough Podcast “Blended Family Breakthrough” Podcast with Mike and Kim Anderson

I hope you enjoyed today's episode! Stay tuned for Part 2!

Ep. 12 - Should I pay off my mortgage early?

The Planning For Retirement PodcastBy Kevin LaoAug 15, 2022