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Top Ten Financial Considerations for Second Marriages

1. If there are children from previous marriages, decide how to change custody arrangements.
2. Create a revocable trust to make sure children from prior marriages aren't left out of inheritances.
3. Consider a prenuptial agreement, you may want to keep some accounts and assets separate.
4. Discuss long term care responsibilities for parents.
5. Discuss any changes in alimony payments.
6. Update wills and other beneficiary accounts.
7. Gift to your children now. For example, if they have to wait for a stepmother who is twenty years younger than Dad to die, it could be a very long time before they receive their inheritance.
8. Re-evaluate insurance needs.
9. Consider life insurance on the ex-spouse to supplant alimony if he or she dies.
10. Coordinate benefit packages from places of employment, health care, retirement plans, etc.

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