Although there are severalthings that get easier with age, â€œlater-in-lifeâ€ marriage isnâ€™t exactly one ofthem. Marrying later on in your years can bring some unique challenges when itcomes to financial plans and legal matters.
If youâ€™re no stranger to thegame, then some of the later-in-life marriage challenges will be familiar,others less so. For example, do any of these issues have a familiar ring: shallwe have â€œseparate accounts or joint accounts?â€ is it better to â€œfileindividually or file jointly?â€ and shall we live in â€œyour house or mine?â€
This subject was taken up in arecent MarketWatch article titled â€œMarrying after 50? Tackle these money issuesfirst.â€
Essentially, young marriedcouples simply donâ€™t have as many accounts, assets, liabilities, healthconcerns, dependents, or complex family relationships. For them, marriage mightbe as simple as saying â€œI do.â€ Now that youâ€™ve got all of that stuff and yourown lifelong relationships, this can get complicated (and fast) when you addthe stuff and lifelong relationships of your later-in-life spouse.
If you havenâ€™t thought throughthe potential challenges, here are a few to get you started:
- Social Security and pension benefits
- Healthcare, health needs, and Medicare benefits
- Past marriages and alimony
- Children and college financial planning
- Your estate, your heirs, and your beneficiaries
The original article goes intosome depth regarding each of these points. Remember, however, they are complexand intertwined.
When making your financial, taxand estate plans, donâ€™t go it alone. Be sure to engage competent professionalcounsel.
At Idaho Estate Planning, weunderstand the challenges faced by elder Americans. We have the experience andexpertise to help you maintain your options and protect yourself as well asyour loved ones now and into the future. Remember, good planning is noaccident.