Age gaps between spouses are common. Spouses may be a few years apart in age. However, some couples may have a significant age gap, which could impact specific issues such as retirement planning and estate planning. A Florida estate planning attorney helps you develop a plan that meets your needs and desires, regardless of the difference in your ages.
Estate Planning Issues for Couples With Big Age Gaps
Each couple is unique. You might have specific issues or situations that you need to address that relate to your age gap that other couples might not need to consider. Examples of estate planning considerations that you might want to address include:
Children From a Prior Relationship
Some couples with a big age gap do not have children from a previous relationship. Therefore, choosing their beneficiaries might not be an issue. However, other couples with a big age gap might need to address children from a prior marriage or relationship.
Does an older spouse with children from a prior marriage leave everything to their younger spouse or divide the assets between the spouse and the children? Who should be named the personal representative, serve as trustee for trusts, and be named as power of attorney?
Retirement Planning
Couples with a significant age gap might need to address retirement planning issues. For example, an older spouse might want to retire when they reach a specific age. However, retirement could mean a substantial change in income. How does that impact the couple’s finances?
Also, many spouses plan for a specific retirement period for both spouses. However, when one spouse retires early, it increases the duration of retirement for the couple. Therefore, the couple needs to address the amount they need to cover a longer retirement term.
You may also have issues regarding Social Security. For example, many spouses delay Social Security to maximize rates and survivor benefits. However, when the couple has a large age gap, the timing of Social Security benefits could be much more complicated.
Health Care
The cost of health care increases each year. As we age, health care costs can increase significantly. If you require assisted living or long-term nursing home care, your spouse may bear a significant financial burden.
There is no way to know whether someone will need nursing or personal care as they age. A younger spouse could experience health issues while the older spouse remains healthy and independent.
Life expectancy and health must be considered when making an estate plan. Couples may want to explore options for paying for health care and long-term care, such as insurance policies, trusts, and government assistance. Creating a plan now can avoid problems should a need arise related to health care or serious health issues.
Contact Our Florida Estate Planning Attorney for More Information
Estate planning can address many financial issues that a couple with a big age gap can face. However, it is wise to address these issues sooner rather than later to avoid potential problems. Call our office to schedule an appointment to discuss your concerns or estate questions with an experienced Florida estate planning attorney.