While it’s common for married partners to not be the same age, it’s less common to have a significant age gap. A gap of ten years or more may mean that one spouse retires well before the other, or that the younger spouse only has minor children with the older spouse while the older spouse also has adult children from previous relationships. It can also mean, unfortunately, the older spouse becomes ill and dies before the marriage has had many years to accumulate wealth and security.
Thus, age-gap marriages have special issues that require special considerations and planning. A Florida estate attorney can help those in an age-gap marriage ensure that their affairs are in order.
Special Considerations for Age-Gap Marriages:
Make sure the current spouse inherits (or doesn’t). The older spouse (and sometimes the younger one, too) may have a will, life insurance policy, or investment that doesn’t include the new spouse. Depending on the nature of the property in Florida, one spouse may/may not take possession of marital property acquired after the marriage. It’s important to work with an attorney to find out what would be the case in your specific situation.
Make sure that a previous spouse doesn’t inherit (or does). Likewise, previous wills, policies, or plans currently in effect may convey property to the previous spouse unless changed. A Florida estate attorney can help you ensure that wealth goes to the current spouse…or doesn’t if you choose otherwise.
NOTE: If you were married to your previous spouse for ten years or more, he or she is entitled to survivor’s Social Security benefits as much as your current spouse. This doesn’t take away from the benefits your current spouse would receive.
Make sure both adult children and minor children are cared for. If there are young children in the new marriage or older children from the previous one, make sure that their needs are met after you pass on. Issues such as fairness, supporting the children who are financially dependent on you, and their relative financial needs are things you can discuss with your estate attorney to figure out the most equitable distribution.
Resolve any possible issues now between spouse and family members. The sooner one settles estate planning, the better. Even if it’s inevitable that someone will be unhappy, it’s better to address it now and have your affairs settled than to leave them up in the air and allow your family to fight over your estate. Legal battles are costly – financially, emotionally, and socially – if you die intestate (without a will) or if your will is contested.
For the younger spouse: Anything can happen. The younger spouse should plan in case he or she departs first. 401ks, IRAs, and other properties can be left to the older spouse. A Florida estate attorney can help you set up a trust in case your spouse’s inheritance from you would make them ineligible for other retirement benefits.
The important thing to keep in mind is that no two estate plans are the same. Here at Law Offices of Laurie E. Ohall P.A., we help individuals and families create plans that are tailored to their unique needs. For help getting started, we invite you to contact our Brandon law firm at (813) 438-8503 to schedule an appointment.