Financial conversations need to happen when you have recently gotten engaged and are planning ahead for your wedding. While the wedding is certainly the big event, don’t skip over the opportunity to plan ahead financially.
You and your partner need to sit down and understand what each other's version of a good retirement is and how you will achieve it. This will also influence the drafting of your estate planning documents. You need to discuss information on your current retirement investments as well as your end financial goals. You need to decide the amount each of you will be responsible for saving on an annual or monthly basis to get there.
Look at any current pension or retirement plans to see whether there are surviving spouse rights listed in those plans. You will also want to update your beneficiary designations within them. Your retirement plan can be created with your end goal as a couple in mind, while still considering the desires of each individual.
Since there is a good chance that one or both of you might need long term care services in the future, maybe it's time to sit down with an experienced estate planning attorney to discuss how this could influence your estate planning documents.
Now that you have laid the groundwork for your finances within the marriage, it’s a good time to protect your current and future assets by putting together an estate plan. Looking years down the road can help you create plans right now that can give peace of mind to you and your loved ones.
Schedule a consultation with a Michigan retirement protection lawyer who knows many of the most common pitfalls experienced by new and established couples alike. Having the right estate planning documents and thinking well in advance about elder law considerations can help you avoid costly mistakes.