Saturday, April 16, 2011
- Estate Planning. Unless you enter into a prenuptial agreement, a spouse will receive a portion of your estate automatically in most states even if you don’t include your new spouse in your will.
- Long Term Care. A new spouse will be responsible for your long-term care costs (or vice versa), so a long-term care insurance policy may be a good investment.
- The Family Home. If the owner of a house wants to keep the house in the family, the owner will need to do additional planning.
- Social Security. Remarriage can affect the Social Security benefits that divorced and widowed seniors receive from their former spouses.
- Alimony. Alimony from a divorced spouse will likely end upon remarriage and possibly upon simply living with someone else.
- Survivor’s Annuities. Remarriage can affect annuities that widows of public employees receive.
- College Financial Aid. Remarriage can affect the amount of financial aid a college student receives.
See Is It Better to Remarry or Just Live Together?, ElderLawAnswers, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.