Congratulations on your remarriage! How do you ensure that your finances are in order as you step into this next phase of your life?

 

Our hosts Stephanie McCullough and Kevin Gaines explore the vital legal and financial considerations of remarriage, from beneficiary designations to tax implications, with guidance from fellow Financial Planner at Sofia Financial, Janice Guinn!

 

There are legal considerations aplenty when deciding between cohabitation and remarriage. Money talks can often be the elephant in the room, but they're essential for maintaining harmony in marriage. A partner's reluctance to engage in these conversations could be a red flag. Financial transparency is key to building a healthy and lasting partnership.

 

Our hosts also get into the nitty-gritty on taxes and retirement plans, trusts and long-term care, as well as pre and post-nuptial agreements!

 

Key Topics:

• The Most Important Step: Discussing Your Goals and Expectations (03:53)
• Financial Obligations to Children and Parents When Remarrying (08:26)
• Joint or Separate Bank Accounts? (13:42)
• Long-Term Care as You Age (20:08)
• Estate Planning and Pre/Post-Nuptial Agreements (23:21)
• How Remarriage Impacts Your Taxes (31:37)
• “If You Are Under 60, Think Twice About Getting Remarried.” (34:18)
• Retirement Plans and Beneficiaries (38:04)
• To Marry or Cohabit? (40:31)
• What About Trusts? (42:42)

 

Resources:

• Take Back Retirement Episode 66: Transform Your Relationship with Money: Lessons from Bari Tessler
• Take Back Retirement Episode 43: The Psychology of Money and Marriage with Special Guest Ed Coambs
• Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?

 

 

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You can find the transcript and more information about this episode at www.takebackretirement.com.

 

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