Top Ten Financial Considerations for Second Marriages
By Ric Edelman
- If there are children from previous marriages, decide how to change custody arrangements.
- Create a revocable trust to make sure children from prior marriages aren't left out of inheritances.
- Consider a prenuptial agreement, you may want to keep some accounts and assets separate.
- Discuss long term care responsibilities for parents.
- Discuss any changes in alimony payments.
- Update wills and other beneficiary accounts.
- 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.
- Re-evaluate insurance needs.
- Consider life insurance on the ex-spouse to supplant alimony if he or she dies.
- Coordinate benefit packages from places of employment, health care, retirement plans, etc.