Over the past several decades, the divorce rate for Florida spouses over age 50 has continued to grow. These statistics include both couples in long-term partnerships and spouses with shorter second and third marriages. While the divorce rate for all Americans has generally stabilized in the past 20 years, the opposite has been the case for people over the age of 50. In fact, since the mid-1990s, the rate of divorce for people over 50 has doubled.
Family wealth and prenuptial agreements
Florida parents with wealth may want to protect their children's best interests by encouraging them to pursue a prenuptial agreement when considering marriage. Of course, few people want to think about the potential for divorce when starting out with their married lives. If the concept of prenuptial agreements is newly introduced at the time of an engagement, people may be unwilling or wary to introduce the idea of a prenup. On the other hand, children who were raised with prenuptial agreements as a common and uncontroversial idea may be more willing to adopt a prenup later in life.
Tax savings is one of many potential benefits of estate planning
Florida residents pay attention to tax issues, and like people elsewhere, they tend to believe that tax planning is the main reason for making an estate plan. The recent Tax Cuts and Jobs Act of 2017 continued the trend in recent years to increase the exemptions available under the federal estate taxes. Most people will therefore have no federal estate tax burden going forward once the new law becomes effective. Some people believe that this fact eliminates the need for estate planning but that is simply untrue.
Can Social Security provide for my loved ones when I’m gone?
You may think of Social Security as something that only provides for you in retirement. However, if you die prematurely, Social Security can also function as a sort of life insurance policy for you loved ones. In fact, the benefits can be significant.
