As any married couple knows, marriage is a commitment that takes a great deal of work in many aspects. However, planning ahead for the later years can alleviate some of the emotional and legal difficulties couples may face later in life.
Start as Early as Possible
Discussing long-term decisions for a new couple in their forties, thirties, or even twenties can seem premature. However, for both financial and legal considerations, it’s never too early to get on the same page about important issues such as retirement, senior care, and long-term finances. It is especially crucial to discuss retirement and care plans, as it is a good idea to begin allocating money into a fund from a relatively young age.
Time Retirement Correctly
In many ways, it may seem logical for couples to retire at the same time. Financially, though, this can be disastrous. This is because the transition between active work and retirement may entail unexpected costs and adjustments, and retiring at the same time can often compound the blow.
Include Children in Discussions, but Make the Final Decision
For many, children will play a large role in long-term care when the time comes. That’s why it’s important for couples to include their children in discussions about these decisions. However, it’s a good idea to have basic decisions already made before having the discussion with children, as well as for the couple to make the final legal decisions with a trusted attorney. An attorney can provide assistance with designating a power of attorney, drafting a will or trust, and setting up an asset distribution plan.
Consider Shared Care Insurance
Depending on employment, potential care needs, age differences, and any illnesses or physical conditions, one member of the couple may be able to find a more complete insurance policy than the other. Consider each of these factors while looking into Shared Care, which is a type of insurance common policy that allows couples to combine benefits that can be accessed by either member. Although it’s not a guarantee, this type of policy can often save money in the long run.
As with all decisions in marriage, like buying a home or moving to a new city, the key to productive long-term planning is staying open, communicating often, and starting early. If you want more information about long-term planning or the legal issues that may come with it, give The Law Office of Arthur P. Skarmeas, LLC a call at (978) 887-0093 today or contact us online.
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