Here are some factors to consider when marrying, or remarrying, later in life.
Should You Have a Prenuptial Agreement?
In most situations, the answer is yes, particularly if you and your betrothed have children from previous marriages, a disparity in financial resources, or substantial assets. A prenuptial agreement makes provisions for dividing assets if the marriage ends. You should discuss your prenuptial agreement well in advance, and each party should have their own attorney.
Update Existing Estate Plans.
It is important to update your estate plan when you get married, whether you’re marrying late in life or not. Doing so helps ensure your assets will be distributed according to your wishes when you pass away. You’ll want to review your powers of attorney, of course, and pay particular attention to your beneficiary designations on all legal and financial documents. If your ex-spouse is still named as beneficiary on, say, your life insurance policy or retirement plan, your new spouse will be in for an unpleasant surprise.
Protect Income Streams.
Marriage can impact your income from Social Security, Medicaid, the Veterans Administration, alimony, and more. If you have a dependent loved one with special needs, his or her eligibility for public benefits could be impacted as well.
Don’t Ignore the Possibility of Needing Expensive Long-Term Care.
Most of us will require some form of long-term care after age 65. For couples marrying later in life, the obvious question is who will pay for it. If you and your future spouse are creating a prenuptial agreement, you may want to include language requiring each of you to purchase long-term care insurance (assuming such policies are affordable in your case). With the annual cost of a private room in a nursing home averaging over $105,000 in the United States, you can’t afford to ignore the possibility that one or both of you will eventually need long-term care.
Please contact us today to schedule a time to discuss your estate planning needs.