How Do You Protect Your Child’s Inheritance in a Second Marriage?

July 2, 2025

A recent article from MSN, “’I’m 15 years older’: My second wife says she will pass my estate onto my sons. What could go wrong?” presents a question from a man with two adult sons from a prior marriage with $1 million in personal net worth. He’s wondering whether to rely solely on his wife’s verbal assurance to pass his estate to the adult sons if he predeceases her. This begs the question: How do you protect your child’s inheritance in a second marriage?

The sons are successful in their careers and don’t need his money. The man says his wife is one of the most honest people he’s ever met. However, is trust enough?

Estate planning files are filled with broken promises, not because of dishonesty. Circumstances change, and things happen. Having an updated estate plan, including a trust to safeguard assets for children from a prior marriage, is the best way to ensure that their interests are protected.

A large age difference or a large disparity between the spouses’ assets makes it wise to take the extra steps to preserve assets for the next generation. Otherwise, there’s no requirement for the surviving spouse to pass the assets on to the children.

If the surviving spouse remarries, the assets could even end up with children of their surviving spouse.

There are time-tested ways to distribute assets to children from a prior marriage to ensure that the spouse is well cared for and the children are not disinherited. One way to do this is to use a will to divide assets between the surviving spouse and the children.

Another is to leave the home, if it is in your name only, to the surviving spouse as a life estate, so they will be able to live in it for the rest of their life. The house will need to be maintained, and property taxes paid during that time. When the spouse dies, the house can then be left to the children to sell or keep. This can become complicated if the children are in a hurry to sell the home and the surviving spouse has a long life expectancy.

Marital trusts, like a Spousal Lifetime Access Trust or SLAT, are used to leave assets to the surviving spouse, while protecting the children’s inheritance. They can also be used to control how the assets in the trust are used. Funds can be earmarked for college, or if a child requires rehabilitation, the trust can fund it or set a requirement before distributions are made.

Tax benefits using a marital trust are higher than those for a straightforward inheritance, another reason to use a marital trust.

Note, this is not an issue to be resolved with a pre- or post-nuptial agreement. A will goes into effect upon your passing, and a trust becomes active once it is established. A pre- or post-nuptial is a good idea for a second marriage with age and net worth differences. However, this kind of situation requires a will and a trust.

Talk with an experienced estate planning attorney to create an estate plan to protect your child’s inheritance in a second marriage It will take the burden off all of you, since the decisions for asset distribution will be in place, and you can focus on enjoying your life with your new spouse. If you would like to learn more about inheritance planning, please visit our previous posts.

Reference: MSN (May 3, 2025) “’I’m 15 years older’: My second wife says she will pass my estate onto my sons. What could go wrong?”

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Older Couples Should Consider Premarital Agreement

May 29, 2025

Marriage later in life brings special joys—and specific legal and financial considerations. Whether it’s a second marriage, a partnership after raising children, or finding love after retirement, older couples often have more complex financial situations than younger newlyweds. Older couples should consider a premarital agreement.

Assets, retirement savings, real estate and inheritances accumulated over decades must be handled with care. A premarital agreement (often called a prenuptial agreement) is one of the most practical tools to protect individual and family interests. Far from being a sign of mistrust, a well-crafted agreement fosters transparency, protects loved ones and reduces the risk of disputes if the marriage ends through death or divorce.

Why Older Couples Should Plan with a Premarital Agreement

Older couples frequently bring established financial histories into marriage. They may own homes, businesses, investment portfolios, or have obligations like alimony or child support from previous relationships. Some may wish to preserve assets for adult children or grandchildren.

Without a premarital agreement, state laws—rather than personal wishes—may determine how property is divided upon divorce or death. In many cases, a surviving spouse is entitled to a significant portion of the estate, even if the deceased spouse intended to leave more to children from a prior marriage.

A premarital agreement allows couples to customize these outcomes, ensuring that their wishes are respected and that their marriage starts with full financial clarity.

Key Issues to Address in a Premarital Agreement

Premarital agreements typically address how assets and debts will be handled both during the marriage and in the event of divorce or death. Common topics include:

Identifying separate versus marital property
Defining how jointly acquired assets will be divided
Specifying inheritance rights for children from previous relationships
Clarifying responsibility for debts incurred before or during the marriage
Determining spousal support or waiving it altogether

Couples may also include agreements about healthcare decision-making, although these issues are often handled through separate estate planning documents.

While some topics, like child custody or child support for minor children, cannot typically be negotiated in advance, most financial and property-related matters are fair game.

Protecting Heirs and Family Interests

For older individuals with children from previous marriages, a premarital agreement can protect family inheritances. Without one, surviving spouses could inherit property that parents intended to pass directly on to their children.

Using a premarital agreement in combination with updated wills, trusts and beneficiary designations creates a comprehensive plan that reflects your true intentions and avoids accidental disinheritance.

It’s also an act of love—shielding family members from costly, painful legal disputes and ensuring that everyone understands and respects your wishes.

Premarital Agreements Strengthen Communication

Discussing finances can be uncomfortable. However, it builds stronger foundations. A premarital agreement encourages open conversations about money, values and expectations. It forces couples to talk about important topics—retirement plans, caregiving needs and financial obligations to others—that might otherwise be overlooked.

Rather than undermining romance, these discussions show respect for each other’s histories and futures. They create shared understanding and prevent surprises down the road.

The Importance of Independent Legal Advice for Each Spouse

For a premarital agreement to be legally enforceable, each party should have their own attorney review the document. This ensures that both individuals understand their rights and obligations and that the agreement cannot be challenged later due to claims of coercion or misunderstanding.

Older couples should consider a premarital agreement. Working with an experienced estate planning or family law attorney ensures that the agreement is tailored to your state’s specific requirements and your unique circumstances. If you would like to learn more about planning for older couples, please visit our previous posts.

References: American College of Trust and Estate Counsel (ACTEC) (Nov. 5, 2020) “What Is a Prenuptial Agreement?” and Hello! Magazine (April 2025) “King Charles and Queen Camilla’s Separate Homes: Was a Marital Agreement Involved?”

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Steps to Avoid Inheritance Issues in Second Marriages

May 13, 2025

Second marriages often bring joy, stability and a fresh start. However, they can also create complicated estate planning challenges. When one or both spouses have children from previous relationships, the risk of conflict over inheritance increases dramatically. Individuals often assume that love and goodwill will prevent disputes. However, without clear legal documentation, misunderstandings, unintentional disinheritance and even litigation can follow. Protecting your spouse and your children—biological and step—requires planning that accounts for family dynamics, legal priorities and financial realities. There are steps you can take to avoid inheritance issues in a second marriage.

Understand How the Law Treats Second Marriages

State intestacy laws (those that apply when someone dies without a will) typically prioritize spouses and biological children. In many cases, if a person dies without a clear estate plan, the surviving spouse will receive a significant share, possibly even everything, leaving stepchildren with little or nothing.

Even with a will, challenges can arise. A surviving spouse may claim an “elective share,” a legal right to a portion of the estate that can override the terms of a will. Children from a previous relationship may be unintentionally disinherited if all assets pass to the surviving spouse, who then distributes them according to their own will, or not at all.

These risks are exceptionally high in cases where only one spouse brought significant assets to the marriage or when there is a considerable age difference, business ownership, or a family history of conflict.

Use Trusts to Protect Both Spouse and Children

One of the most effective tools for second marriage estate planning is a trust. A revocable living trust allows you to maintain control over your assets during your lifetime, while outlining exactly how they should be distributed after your death.

For example, a Qualified Terminable Interest Property (QTIP) trust can provide income to a surviving spouse for life, with the remainder passing to the deceased spouse’s children. This structure protects both parties: the surviving spouse is financially supported, and the children are assured a share of the estate later.

Trusts can also help avoid probate, preserve privacy and reduce the risk of disputes. Unlike a simple will, a trust allows for more detailed instructions and layered planning.

Keep Beneficiary Designations Up to Date

Many assets—like life insurance policies, retirement accounts and bank accounts—pass directly to the person named as a beneficiary, regardless of what’s written in your will. That means an ex-spouse could still receive your IRA if you never updated the paperwork.

Review your beneficiary designations after remarriage to ensure that they reflect your current wishes. In blended families, dividing assets across multiple accounts may be appropriate to benefit both your spouse and children directly.

You should also consider how these accounts fit into your broader estate plan to ensure no one is unintentionally left out.

Communicate Your Intentions Clearly

Estate disputes often stem from unmet expectations. Children may assume they will inherit certain assets, only to learn after a parent’s death that those assets were left to a stepparent. Likewise, a surviving spouse may be surprised to learn that children from a previous marriage are co-owners of the family home.

The best way to avoid this confusion is to talk openly with family members about your wishes. Explain your decisions, address concerns and show how your plan provides for all parties involved. These conversations may be uncomfortable. However, they are often the most effective way to prevent conflict.

Taking these steps to avoid inheritance issues in a second marriage can mean the difference between family harmony and chaos. Putting these intentions in writing with the help of an estate planning attorney ensures that everyone’s rights and responsibilities are legally protected. If you would like to learn more about inheritance and estate planning, please visit our previous posts.

References: CBC News (April 1, 2025) “Director Norman Jewison’s wife cut him off from family, coerced him to change $30M will, lawsuits claimed” and Marriage.com (Oct 12, 2023) “5 Tips to Avoid Inheritance Issues in Second Marriages”

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How Does a No-Contest Clause Protect Your Will?

April 8, 2025

In a perfect world, you create your will with the guidance of an experienced estate planning attorney, your heirs inherit their legacy and everyone lives happily ever after. In the real world, however, it doesn’t always work out that way. Every year, families scrap over inheritances, says a recent article from Market Watch, “Avoid drama with your will by adding this to your estate plan.” What can you do? Consult with your estate planning attorney about the possibility of including a no-contest clause in your estate plan. How does a no-contest clause protect your will?

This can deter heirs from challenging your will by creating a no-win situation if they challenge the will in court. When a no-contest clause is included in the will, the beneficiary risks losing their entire inheritance.

The goal is to avoid challenges resulting from an emotional response to grief, which is not unusual, or a long-standing family resentment emerging after the death of a parent. People who are quick to pursue litigation will think twice with a no-contest clause.

Is it possible your heirs might challenge your will? Even if the likelihood is low, it’s worth adding the clause. Estate litigation is lengthy, expensive and emotionally draining. Second marriages, economic disparities among siblings, or estranged offspring provide fertile grounds for will challenges. However, even happy families sometimes find themselves in court battles when large inheritances are at stake.

Another factor: seniors who live longer than expected may have heirs who thought they were receiving a substantial inheritance. When there’s a smaller inheritance, the surprise can lead to litigation. Unfortunately, the cost of estate litigation can significantly reduce the value of an inheritance, making it even smaller.

Warren Buffett’s advice to talk about your estate plan with your adult children is a straightforward and sound approach for most families. Offspring taken by surprise in a time of emotional turmoil are more likely to become contentious.

You don’t have to reveal every detail to your heirs. However, you can educate them about the contents of the will and the estate in general. Letting them know about the no-contest cause and your reasons for adding it may preempt strong reactions if they don’t learn about it until after you’ve passed, and they can’t get answers to their questions.

If the family is a blended one, someone is going to be left out entirely, or there are nuances, such as one person inheriting outright while another receives distribution through a trust over time, there’s the possibility of a challenge. If you plan to give assets to someone who isn’t a family member, like a charity or a close friend, the family may unite to challenge the will.

Work with an estate planning attorney to discuss how a no-contest clause can protect your will. A no-contest clause isn’t a guarantee there won’t be a challenge after you’ve died. However, it’s a simple thing to insert into your will and reduces the risk. If you would like to learn more about no-contest clauses, please visit our previous posts.

Reference: Market Watch (March 14, 2026) “Avoid drama with your will by adding this to your estate plan”

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Revising Estate Planning Ensures Assets Are Protected Post-Divorce

March 5, 2025

Divorce changes not only a person’s financial and personal life but also the way their assets will be handled after death. Many people overlook the importance of updating estate planning documents after a divorce, which can result in unintended beneficiaries receiving inheritances or former spouses retaining control over critical financial and medical decisions. Revising your estate planning ensures that assets are protected and aligned with post-divorce goals.

How Divorce Affects Your Estate Plan

Divorce changes personal and financial circumstances and how assets will be distributed after death. Many forget to update their estate plans, leaving former spouses as beneficiaries or decision-makers. Without revisions, an ex-spouse could inherit assets, manage finances, or make medical decisions in an emergency.

Key documents that need immediate attention include wills, trusts, powers of attorney and beneficiary designations on life insurance and retirement accounts. Updating these ensures that assets go to intended heirs and that financial and medical decisions remain in trusted hands.

Updating Wills and Trusts

A divorce does not automatically remove an ex-spouse from an estate plan. If a will or trust still names the former spouse as a primary beneficiary or executor, they may inherit assets or retain authority over the estate. Updating key documents includes:

Revising a will to name new beneficiaries and executors
Amending or revoking any revocable trusts that include the former spouse
Reviewing state laws, some jurisdictions automatically void spousal provisions upon divorce, while others do not

Failing to update these documents may lead to unnecessary legal battles or the distribution of assets against the person’s wishes.

Changing Beneficiary Designations

Many financial assets pass directly to named beneficiaries outside of a will, making beneficiary updates essential after divorce. Documents to review include:

Life insurance policies and retirement accounts, such as 401(k)s and IRAs
Payable-on-death (POD) and transfer-on-death (TOD) accounts
Jointly held assets or real estate with right of survivorship

If an ex-spouse remains listed as a beneficiary, they may still receive these assets, regardless of the divorce decree. Updating beneficiary designations ensures that assets go to the intended individuals.

Adjusting Powers of Attorney and Healthcare Directives

Divorce often necessitates appointing new individuals to manage financial and medical decisions in case of incapacity. Changes to consider include:

Naming a new power of attorney for financial matters
Revising a healthcare proxy to designate a trusted individual for medical decisions
Ensuring that living wills and advance directives reflect current wishes

Leaving a former spouse in control of these decisions can lead to unintended complications, particularly in medical emergencies.

Secure Your Legacy with an Updated Estate Plan

Divorce requires more than financial separation—it demands a complete estate plan review to prevent unintended consequences. Revising your estate planning to reflect your current wishes is critical to protecting your assets post-divorce. If you would like to learn more about planning post-divorce, please visit our previous posts.

References: Investopedia (June 25, 2024) “Rewriting Your Will After Divorce” and Justia (September 2024) “Estate Planning After Divorce”

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How to Leave an Inheritance to Your Child but Not Their Spouse

October 21, 2024

As a parent, you’ve likely spent years building up your savings and assets, hoping to leave a legacy for your children. However, one concern many parents have is ensuring that the inheritance they pass on stays with their child and doesn’t end up benefiting a spouse. Whether out of love for your children or worrying about future divorces, it’s natural to consider inheritance planning strategies to safeguard your hard-earned assets. If you are concerned about your child’s relationship, you will want to learn how to leave an inheritance to your child but not their spouse.

A trust is one of the most common and effective ways to ensure that your child is the sole benefactor of their inheritance. By setting up a trust, you control how and when your assets are distributed. A trust can be created now while you’re still alive or can take effect upon your passing.

You can name the trust as the beneficiary of your retirement accounts, life insurance, or other assets. The trustee, a person you designate, will follow your instructions regarding when and how the money or property is given to your child.

While prenuptial agreements used to carry a certain stigma, that is no longer the case. These agreements have become more common, especially among younger generations. A prenuptial agreement is signed before marriage and details how a couple’s financial matters will be handled in case of a divorce.

If your child is open to the idea, they can use a prenuptial agreement to protect their future inheritance. This legal document can specify which assets belong to your child, preventing a spouse from making any claims.

If your child is already married, safeguarding their inheritance is still an option. A postnuptial agreement works similarly to a prenuptial agreement but is signed after the wedding. This document can outline which assets, including future inheritances, will remain separate in the event of a divorce.

Discussing a postnuptial agreement might feel tricky, as it requires open communication between your child and their spouse. However, it can be essential for ensuring that your child’s financial future remains protected.

While legal strategies like trusts, prenuptial agreements and postnuptial agreements are essential to inheritance planning, financial tools also play a role. Working with a trusted estate planning professional who provides the legal competence and the knowledge to examine your complete financial background can help you evaluate the best way to structure your assets and accounts to minimize potential risks. They can guide you on which accounts to designate for inheritance and which might be more vulnerable to claims in a divorce.

If you’re ready to protect your child’s financial future, an estate planning attorney will show you how to leave an inheritance to your child, but not their spouse. If you would like to learn more about inheritance planning, please visit our previous posts.

Reference: Northwestern Mutual (Apr. 22, 2022) “Can I Leave Money to My Kids But Not Their Spouses?”

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Women should Plan for a Second Retirement

September 23, 2024

Many spouses design their retirement finances and estate plans with their spouses. However, planning for the second phase of retirement and estate plans also needs to be done. Women should plan for a second retirement. When the first spouse dies, the surviving spouse would be well served by a plan for the “second retirement,” as explored in a recent article from Nasdaq, “I’m a Financial Expert: 7 Ways Ever Woman Can Prepare for a ‘Second Retirement.’”

In 2021, data from the U.S. Census Bureau shows that 30% of all older women were widows. There were also more than three times as many widows as widowers.

How do you plan? It depends on your age and financial situation. For instance, becoming a widow in your 60s is very different from becoming widowed in your 80s. If your network of friends and family was through your spouse, this may also change dramatically after their death.

The most important question is what the household income will be upon losing the first spouse. This must be considered if the decedent had a pension, annuity, or other income source that stopped upon their death. A surviving spouse can’t claim a deceased spouse’s Social Security benefits in addition to their own. You can only receive one of two benefits—either your retirement or survivor benefit.

Some pensions end upon the account owner’s death, while some allow for survivor benefits. These are usually a percentage of the original amount, or they may offer a lump sum payment.

Living costs will change when the first spouse dies. The surviving spouse may be able to move to a smaller home or sell a second car. However, certain costs will go away. Meanwhile, other costs may occur, like one-time taxes on inherited IRAs and taxes on the sale of property and vehicles. Losing the spouse might mean some services, like home maintenance, will need to be paid for.

The death of a spouse will incur certain legal and administrative costs. If there was no will, probate is expensive and will be necessary. An estate planning attorney may be needed to help settle an estate if there was no will, while costs will be less if a will and trusts were created before the spouse died.

Major changes in circumstances like the death of a spouse can throw even the highest functioning people into a difficult emotional state. Women should plan for a second retirement that will help make the transition into their new life easier, or at least as easy as possible.

Speak frankly with an estate planning attorney about revising your estate planning documents and preparing for the second retirement. There will be more than enough to deal with at the time; it will be better if planning can be done in advance. If you would like to learn more about retirement planning for women, please visit our previous posts.

Reference: Nasdaq (August 17, 2024) “I’m a Financial Expert: 7 Ways Ever Woman Can Prepare for a ‘Second Retirement’”

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Estate Planning is Critical for a Single Parent

August 15, 2024

Raising a child or children by yourself is challenging on many levels. Single parents have very little spare time or resources. Estate planning is critical for a single parent, even more than if another parent was involved, as discussed in a recent article from The News-Enterprise, “Single parents must be deliberate in estate planning.”

Two key decisions to be made with minor children are who to name in a will as their guardian, the person who will raise them if the parent dies or is incapacitated, and who will be in charge of their finances. If another biological parent is involved in their care, things can get complicated.

Whether or not the other parent will be named as a guardian who will take custody of the child(ren) depends on whether or not they have any legal custody of the children. If the parents were married at one time but the marriage ended after the child was born, there is likely to be a separation agreement addressing custody.

If both parents share custody, the surviving parent would take custody of the child. This is standard practice, regardless of who has primary custody.

But if the parents never married and no one pursued an order of paternity or entered a custody order recognizing the legal rights of the noncustodial parent, or if a parent has lost any legal rights to the child, the parent needs to name a guardian and an alternate guardian.

Even if there is a surviving parent, you’ll want to name at least one guardian and one contingent guardian. There are instances when the noncustodial parent prefers not to become the custodial parent, even if the child’s other parent has died. There are also cases where the noncustodial parent is not fit to raise a child, so having other potential guardians named is a better idea.

Separate from the guardianship issue is the decision of who should manage the assets left for the child. You have a right to name the person of your choice to oversee these funds, regardless of whether or not the other parent is living. In most cases, there are two general options:

Conservator: This is a court-appointed person who is responsible for any assets left outside of a trust or any income received by the child. The conservator can be the same person as the guardian, but it does not have to be the same.

Trustee: A best practice in estate planning for a child is to leave the property in trust to be distributed for specific purposes, like education, health care, and general support. Assets can be left in trust through a last will and testament or through a trust set up while the parent is living to benefit the child.

Estate planning is critical for a single parent. An estate planning attorney should be consulted to determine how best to structure planning when there is only one parent. This protects the child and gives the parent peace of mind. If you would like to learn more about planning as a single parent, please visit our previous posts.

Reference: The News-Enterprise (July 5, 2024) “Single parents must be deliberate in estate planning”

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Addressing your Estate Planning during Divorce is Critical

July 31, 2024

When estate planning dovetails with divorce, existing plans need to be redesigned. How much depends on the nature of the divorce, as explained by a recent article from Accounting Today, “Estate planning for divorcing couples.” Spousal rights, beneficiary designations, child custody and property distribution all need to be examined, as well as the distribution of property in the estate plan. Addressing your estate planning during a divorce is critical.

If this is your situation, you’ll need a team of professionals who can work well together. Your estate planning attorney, accountant and divorce attorney will need to be in frequent contact, as so many of these areas overlap. You’ll want to ensure that your separation agreement and estate plan complement each other. Anticipating potential challenges and obstacles in advance is crucial.

Here are a few aspects to consider:

If your estate planning attorney worked with you and the person you are divorcing, they will want to be clear about who they represent for the new estate plan. If it’s an amenable divorce, the estate planning attorney may recommend a respected colleague to help the other spouse.

The same scenario must be considered for the accountant. Did they interface with one spouse more than the other? If a joint return was filed in the past, which spouse would they work with during the divorce and afterward? An accountant’s involvement in an estate plan during the divorce process may be critical to ensuring that there are no discrepancies in the financials.

Beneficiary designations need to be revisited since, in most cases, spouses name each other as beneficiaries. Updating the beneficiary designation will avoid further complications in distributing the assets if something occurs to one of the spouses while the divorce is in process. Beneficiaries only change when the owner of the account actively makes the change. Your soon-to-be-ex may inherit everything if you don’t change the account beneficiary.

Estate planning involves guardianship for minor children, and divorce typically addresses child custody, support and inheritance. If one of the parents dies, who would get custody of the children? How will they be supported? Life insurance may be part of the separation agreement, where the ex-spouse will still be the beneficiary, so funds may be used to support the minor children.

Couples in the process of divorcing may not create new trusts until the divorce proceedings have been finalized. However, suppose trusts were established as part of estate planning before the divorce. In that case, they may be considered marital or separate property, depending on the source of the assets in the trust. This is a conversation to have with your estate planning attorney.

Addressing your estate planning during a divorce is critical. With the guidance of an experienced estate planning attorney, accountant and divorce attorney, it is possible to move through the tumult and begin the next chapter with some peace of mind. If you would like to learn more about planning during or after a divorce, please visit our previous posts.

Reference: Accounting Today (July 5, 2024) “Estate planning for divorcing couples”

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Managing a Big Age Gap in Estate Planning

June 12, 2024

Even if it was never an issue in the past, managing a big age gap in your estate planning can present challenges. When one partner is ten or more years younger than the other, assets need to last longer, and the impact of poor planning or mistakes can be far more complex. The article in Barron’s “Big Age Gap With Your Spouse? What You Need to Know” explains several vital issues.

Examine healthcare coverage and income needs. Health insurance can become a significant issue, especially if one partner is old enough for Medicare and the other does not yet qualify. How will the couple ensure health insurance if the older partner retires and the younger depends on the older partner for healthcare? The younger partner must buy independent healthcare coverage, which can be a budget-buster.

Be strategic about Social Security. Experts advise having the older spouse delay taking Social Security benefits if they are the higher-income partner. If the older spouse passes, the younger spouse can get the bigger of the two Social Security benefits. Delaying benefits means the benefits will be higher.

Planning for RMDs—Required Minimum Distributions. Roth conversions may be a great option for couples with a significant age gap. Large traditional tax-deferred individual IRAs come with large RMDs. When one spouse dies, the surviving spouse is taxed as a single person, which means they’ll hit high tax brackets sooner. However, if the couple converted their IRAs to Roths, the surviving spouse could withdraw without taxes.

Estate planning becomes trickier with a significant age gap, especially if the spouses have been married before. Provisions in their estate plan need to be made for both the surviving spouse and children from prior marriages. An estate planning attorney should be consulted to discuss how trusts can protect the surviving spouse, so no one is disinherited. Beneficiary accounts also need to be checked for beneficiary designations.

Couples with a significant age gap need to address their own mortality. A younger partner who is financially dependent on an older partner needs to be involved in estate and finance planning, so they know what assets and debts exist. Life has a way of throwing curve balls, so both partners need to be prepared for incapacity and death.

Managing a big age gap in your estate planning really requires careful and consistent review of your planning. Plans should be reviewed more often than for couples in the same generation. A lot can happen in six months, especially if one or both partners have health issues. If you would like to learn more about estate planning issues for older couples, please visit our previous posts.

Reference: Barron’s (May 19, 2024) “Big Age Gap With Your Spouse? What You Need to Know.”

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Category: Remarriage

How Do You Protect Your Child’s Inheritance in a Second Marriage?

Older Couples Should Consider Premarital Agreement

Why Older Couples Should Plan with a Premarital Agreement

Key Issues to Address in a Premarital Agreement

Protecting Heirs and Family Interests

Premarital Agreements Strengthen Communication

The Importance of Independent Legal Advice for Each Spouse

Steps to Avoid Inheritance Issues in Second Marriages

How Does a No-Contest Clause Protect Your Will?

Revising Estate Planning Ensures Assets Are Protected Post-Divorce

How to Leave an Inheritance to Your Child but Not Their Spouse

Women should Plan for a Second Retirement

Estate Planning is Critical for a Single Parent

Addressing your Estate Planning during Divorce is Critical

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