Elder law experts urge seniors to plan carefully when considering matrimony.
Senior citizens are just as likely as young people to get married without thinking everything through and that can create consequences, according to the Hartford Courant article “Fit To Be Tied? Think Twice About Marriage In Your Golden Years.”
Senior citizens considering getting married need to think about how marriage will affect all of their other plans, including retirement and estate plans. For example, a retired person might think his well-crafted estate plan to leave his assets to his children is solid and that a new wife with assets of her own will not affect those plans.
In reality, it is almost impossible to cut a spouse out of an estate plan entirely. Consequently, whether or not the couple intends it, the new spouse is likely to inherit something without very careful planning.
An elder law attorney can guide you through the process of discovering the implications of a marriage in later years.
Reference: Hartford Courant (Sept. 24, 2016) “Fit To Be Tied? Think Twice About Marriage In Your Golden Years.”