If you’re getting married to a mate who’s much older or much younger, keep these points in mind:
* Plan with a prenup: Not only can a prenuptial agreement protect you in case of a subsequent divorce, it also will force both of you to think about all the financial issues that may arise if one of you becomes incapacitated or dies. For a prenup to work as intended, you’ll have to disclose your assets, liabilities, and how you want to provide for kids that may be born as well as kids from previous marriages.
* Look into life insurance: Life insurance is not just a protective measure if the older spouse dies first. If the younger spouse dies, what happens to the kids if the older spouse passes away before they’re adults?
* Discuss long-term care insurance: Most nursing home stays last at least two years and cost over $100,000. If you can’t cover that cost out-of-pocket, ask your life insurance agent about long-term care insurance options.