A prenuptial agreement will more than likely not be enough to cover the concerns of Delaware residents who marry more than once and later in life. Protecting children and assets from a previous marriage may be a major concern for one or both parties. A prenuptial agreement often serves as only a part of the estate planning that needs to be done under these circumstances.
Getting older is inevitable, and Delaware residents may find that the need for assisted medical care could arise. Any assets of both parties could be counted toward eligibility for assistance regardless of whether a prenuptial agreement designated certain assets as being separate. This is where the use of trusts could be invaluable.
Putting separate assets into a trust such as a revocable living trust protects them for children and keeps them from being counted when seeking assistance with medical needs. In addition, those assets may also be protected in the event of a divorce. Since trusts must be in place for a minimum of five years prior to applying for assistance, the sooner these documents are put into place, the better off the parties will be.
Finding love later in life is surely a gift, but it can also be a curse. However, with the proper estate planning, it does not have to be. Fortunately, numerous options exist to protect separate assets and to ensure that any medical or nursing home assistance needed in the future is not jeopardized. Several things often work together to make remarriage work, and having solid financial and estate plans may be just one crucial part.
Source: cumberlink.com, “Elder Care: Estate planning for previously married couples“, Jessica Greene, June 8, 2017