How Your May-December Relationship May Impact Your Estate Planning
- Posted on: May 27 2022
You can’t always help who you fall in love with. And while most people end up with a partner who is 2-4 years older or younger, some people fall in love with those much older or younger than themselves. Every relationship is different and some relationships just work – age gap or not. A difference in age doesn’t always have to negatively impact the relationship. But while relationships are dependent upon the two people involved, it’s still important to take large differences in ages into consideration when estate planning.
Estate planning can be used as a tool to protect you, your assets, and your loved one. They are a great tool for establishing how a variety of situations will be handled if they do occur. In a May-December relationship a thorough understanding of your partner and his or her wishes is imperative as each of you will likely go through different milestones at different times.
Career and Income
One of the biggest topics to consider is your career and your income. Understanding your career goals and intended timelines is very important. Be sure to consider:
- Whether you plan to continue working
- The length of time you plan to continue working
- Whether your income will change
- Whether you plan on changing your job
Retirement may be a consideration for the older partner, therefore requiring estate planning to accommodate. Retirement may impact your relationship by changing your income and subsequently the way in which you are able to live. Other considerations include:
- How much you have been saving
- Whether you will have enough money to live off of – and if so, for how long
- When you plan on accessing any available retirement benefits
What Are Your Assets and Debts?
When it comes to May-December relationships, the older partner usually has more assets and greater income whereas the younger partner generally has more debt. It’s important to take this into consideration when estate planning. You’ll want to consider:
- Who you want to leave any assets to
- Whether your property will pass upon your death or be held in a trust
- Whether you will leave anything to your kids or leave your spouse to handle that
- Who you want as trustee (if you have a trust)
- Who you want as executor of your estate
It’s important to take the time now to speak with your spouse about all of the abovementioned issues as it will help to eliminate potential problems down the road.
The Law Offices of Brian L. Fox, APLC Help those Who Wish to Protect Assets and their Loved Ones
If you or your loved one live in California and have any questions regarding your estate plan, it’s in your best interest to consult with a qualified California estate planning attorney who can help.
At the Law Offices of Brian L. Fox, APLC, we know how important it is to protect your wishes. We will help you to establish a comprehensive estate plan that meets your needs. To learn more or to schedule a free consultation, contact us today!
Posted in: Estate Planning