Late in life marriage financial ramifications
Hi Terry,
I so appreciate the expert advice you share here and on WGN. My long-term boyfriend and I, both 61, are considering getting married but I’m concerned it will have negative financial ramifications. We are both financially secure with good retirement savings and have children from previous marriages. I think we can address inheritance issues with a good lawyer. One thing I am concerned about is if either of us would ever need long-term care. Neither of us have long-term care insurance and I heard somewhere if married the spouse would be responsible for the cost even if we kept our finances separate for the most part. Any insight you could share would be appreciated. Thank you!
Terry Says
I actually co-authored a book on this entire issue — It’s called The New Love Deal: Everything YOu Must Know Before Marrying, Moving In, or Moving On.
You can buy it on Amazon here
We discuss long term care insurance, estate planning, and other ways to make this kind of second marriage work. It requires open discussion, so that your marriage doesn’t breed resentment or fear of loss in your children. You don’t want one set of kids sitting around waiting for their stepparent to die so they can get their own parent’s estate.
Honestly, it’s too complex to go into here. But please get the book, and then come back and post any remaining questions. And you’ll see that it’s not too late to get a new kind of Long Term Care Insurance. My resource for just that issue is Brian Gordon of Gordon Associates LTC experts — 800-533-6242.
