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Estate Planning Tips for Later-in-Life Love: Protecting Your Future Together

Love can be found at any age. In fact, more people than ever are rediscovering romance in their 50s, 60s, and beyond. Nearly 53 percent of Americans aged 55 and older are remarried, and data shows that the number of cohabiting adults over 50 has surged by 75 percent in the past decade.

This trend is partly due to the rise of so-called “gray divorce,” which has doubled since the 1990s. According to Pew Research, 55 percent of older adults entering new relationships are divorced, 13 percent are widowed, and 27 percent have never been married.

While finding love later in life is rewarding, it also presents unique financial challenges. Blending families, dividing assets, and planning for the future become more complex when adult children, real estate, savings, and health concerns are involved.

If you are in your fifties or older and considering marriage, here are five key financial topics to discuss before walking down the aisle.

1. Consider a Prenuptial Agreement

A prenuptial agreement is a contract that outlines how assets and responsibilities will be divided if the marriage ends. For older couples, this can be especially important. It clarifies asset distribution, protects inheritances, and helps prevent disputes over wills and trusts.

Marriage later in life involves more than dividing assets in case of divorce. Consult an elder law attorney who understands the specific needs of older couples. They can address important issues such as responsibility for long-term care costs and whether property can be gifted to children or other heirs.

2. Update Your Estate Planning Documents

It’s important to review your estate plan after getting married to ensure your assets are distributed according to your wishes after you pass away, particularly if you want to provide for children from a previous marriage.

Don’t forget to update powers of attorney as well as beneficiaries for wills, trusts, life insurance policies, retirement accounts, and other financial accounts.

3. Consider the Family Home

A family home can be a source of joy, but also tension. Discuss in advance what will happen to the home if one spouse passes away to help prevent future conflicts.

4. Plan for Long-Term Care

Long-term care is an essential consideration. Nearly 75 percent of people turning 65 will need some form of long-term care. Ensure your plans and any prenuptial agreement specify who will be responsible for these costs.

5. Review Other Income Streams

Remarriage can affect Social Security, VA survivor’s benefits, or alimony. Before saying “I do,” check how your new status could impact these income streams.

It’s easy to get swept up in a new romance, but don’t neglect the important financial and legal details. Taking the time to plan ahead can help you and your loved one enjoy peace of mind as you start your next chapter together.

Contact Conti Law at 724-784-0239 or schedule online to learn how our attorneys can help with your estate planning needs.