Clearly the decision to get remarried is more than a financial one, but there are some estate planning factors that should be taken into consideration, especially if you are older. The decision to remain single or get remarried can impact your ability to leave assets to your heirs.
If your intended has large financial liabilities, they may become your liabilities when you marry. Suppose your beloved has been through a messy divorce and owes lots of money, but you are in a solid financial position. You might think twice about tying the knot – at least not without protecting your assets.
You should also consider your existing benefits. If you are a widow collecting your deceased spouse’s Social Security benefits and remarry, you will qualify for half of your new spouse’s benefits. Depending on how the calculations work out, it could be much better to stay single and collect the benefits earned by your deceased spouse. You will likely lose the payments from your deceased spouse’s pension and coverage from their healthcare provider if you remarry.
Medicare can complicate things further. Assuming one of you is on Medicare or Medicaid and one of you is not, getting married can open the new spouse’s assets up to Medicare or Medicaid claims. This can negatively impact your ability to pay for healthcare and your future financial stability.
If you are considering remarriage, it is a good idea to consult an estate planning attorney who can give sound advice about the changes it will make to your financial situation.
If you’d like to learn more about how we can help you with your long-term care planning, please contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.