Marrying in the golden years of your life can create complicated situations with your estate plan, long-term care, and insurance policies. It is important to be aware of these complications before you decide to marry someone in your later years.
When you marry someone, your estate plans can change. Even if you want to leave everything to your children, your spouse may be entitled to at least some of your estate under New York State Law. If your new spouse has children, you may want to include them in your plan. On the other hand, you may need to alter your estate plan so that only your heirs are benefactors. You will need to speak with your elder law attorney and alter your estate plan for your marriage.
Marriage alters the amount of your household income. This may not always alter how your long-term care insurance works, or if you are able to pay for it yourself; but marriage can alter your eligibility for Medicaid paid benefits. The Medicaid agency will look into the finances of both you and your new spouse to determine whether or not you are able eligible for Medicaid paid long term care benefits.
Social Security and Pension
Social Security benefits are often an important part of a retirement plan. Divorced or widowed spouses can often receive benefits based on the record of their ex-spouse. Remarrying terminates the divorced/deceased spouse’s benefits, and remarriage before age 60 – or age 50 if one is disabled – will terminate survivor’s benefits. Widows and widowers that receive their deceased spouse’s pension may lose it. This will depend on the circumstances laid out in the terms of the pension.
Speak with Your Estate Attorney
As with any marriage, you should talk with your estate lawyer first. Planning out your future estate plans after marriage is important, especially if it can alter your long-term care plans.
For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC do not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.