I know, I know, I just wrote a blog post about the whole blended family thing just a few days ago. But this is a little different. Blending a family after age 50 can be a horse of a different, especially when compared to blending before age 50.
Let's face it - once you hit the big 5-0 your life is just different.
However, so are the lives of your own children, your new spouse and stepchildren. Oh, and do not forget to include any "exes" (regardless whether they live in Texas) while you are at it.
Today, for some practical pointers we actually are going back in the "way back time machine" today for an article published in the summer of 2014 titled “4 Smart Money Moves If You Marry After 50.”
Enter AARP Magazine.
As the title suggests, there is some timeless advice to be gleaned before exchanging vows with your new intended after age 50.
Talk about prior obligations. With each birthday comes various obligations like paying taxes, child support payments, maybe alimony and debts.
Share your credit reports and scores, and review previous divorce agreements for details about cash flow, assets and debts.
Don't forget your adult children. Although you may have thought about what you would like to provide to your own children and they may have some notion of what may be coming their way someday, a later-in-life marriage changes everyone's calculus.
Suffice it to say remarriage after 50 impacts your estate plan. Big time.
The original article recommends an open, honest conversation about finances and inheritances with you own children and new spouse.
Suspicion is the seedbed of discontent.
Get everything out in the open. Relationships will be much better over the long haul, if the important folks in your life know what to expect.
Consider a prenuptial agreement (or if the train already has left the station, then a "post-nuptial" agreement).
Your current estate plan will need some rework. Consequently, you also will need to revisit asset titling and beneficiary in addition to your beneficiary designations.
Did you know wills finish second to legal titles to real estate or beneficiary designations on financial accounts, as well as on retirement plans and insurance policies.
Make any changes in writing, and be careful with Social Security. Huh?
If you are close to 62 and want to apply for a former spouse's Social Security benefit, you should not remarry, as you must be single at the time you apply.
If all of this sounds complicated, well, it is.
Do not go it alone.
Seek the counsel of an experienced estate planning attorney and forge a relationship that will see you through life's twists and turns.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: AARP Magazine (June/July 2014) “4 Smart Money Moves If You Marry After 50”