Marriage in Your Golden Years (Part 1 in a 3 Part Series)

Part 1: To Re-Marry, Or Not?

I see a lot of couples in my office who are considering marrying or remarrying. While all prospective couples have many factors to consider, for couples considering marriage in their later years there will be different, and possibly unexpected, factors to consider. Especially if you have a large estate, or if you have children from a previous marriage, there may be unexpected outcomes from a marriage in your later years that you deserve to know about before signing the marriage certificate.

Social Security- There are many possible effects of marriage on social security benefits.  If you were receiving benefits from a previous spouse, these benefits will generally cease once you remarry.  If both you and your potential spouse are receiving social security benefits there may be an increase on your taxes. Most importantly, social security benefits will begin to take into account not just you and your children, but also your spouse and their children. This may affect you positively or negatively depending on your situation.

The Family Home- Hypothetically, say your potential spouse moves into a property you already previously owned: pretend it’s the house your children from your past marriage grew up in. You may still want to ensure that the property is transferred to your children after your death. However, if your potential spouse survives you, you don’t want to your spouse to be evicted by your children. There are various ways to get around these problems with the appropriate planning, but planning is needed to assure it will all go smoothly.

College Financial Aid- If you have a college-aged child, you will want to check with your child’s school before remarrying. A new spouse could affect the financial aid your child receives depending on how your income is calculated.

Survivor’s Annuities- Any annuities you or your possible spouse are receiving may cease with a new marriage contract. For example, widows and widowers of military may lose their annuities if they remarry before a certain age. All of these factors need to be considered as you make your decision. 

Long Term Care- No amount of trusts or premarital agreements can protect a spouse from being responsible for the cost of long term care if you or your potential spouse should become incapacitated or need expensive health care. Moreover, your eligibility for Medicaid may be affected by a new marriage in your later years.

Personal Values- I often hear that older couples want to get married so they can set a good example for their grandchildren. Other couples may feel obligated to remarry if they are involved with their church or religious community. Some couples may feel that their own personal values would be compromised if they did not remarry but lived as a married couple. On the other hand, couples may have none of these concerns, but be worried about the effect on their previous estate, or the concerns of their children.

Ultimately, it’s you and your partner’s decision to marry. However, whatever your personal beliefs may be, it’s important to be informed and make a knowledgeable decision to avoid any ugly surprises for you or your family later down the road. An informed decision is always the best decision.

I help clients consider all their options when making a choice about proceeding with a new marriage. Every person’s situation is unique, and you deserve to know all the possible situations before deciding to marry or not.

  

Stay tuned for our next entry- Part 2 in the 3 Part Series:

We Made Our Decision and we ARE Getting Married- Now What?

(To schedule a consultation  with Mr. Hands call the Oak Brook office at 630-574-0123)