In the complex landscape of modern families, financial and estate planning can get weighed down, especially for blended families, writes Cheryl Winokur Munk for Barrons.

Amy Jucoski, head of legacy and wealth planning at Callan Family Office in Radnor, emphasizes the importance of early and open discussions about finances in blended families.

“It’s crucial to address individual spending habits, budgeting, and estate plans before remarriage,” she advises. “These conversations, though emotional, prevent future discord by laying a clear foundation of financial understanding and expectations.”

These families, often comprising children from previous marriages, present unique challenges that could require guidance from financial advisors.

There is no one-size-fits-all approach when it comes to financial planning for blended families. Some may have two adults with children from previous marriages, while others may include children they have together. Some can even include stepchildren from previous marriages.

There can be warring emotions, competing interests, and various assets. These families need a road map early on to deal with their finances now and in the future.

Is the couple coming together after divorce or widowhood, and are there minor children, adult children, or both?

Financial planning must take a customized approach with these dynamic families.

Find out more about planning the finances of blended families in Barrons.