A study recently conducted by Pew Research Center had some compelling results about the percentage of people cohabitating being higher than the percentage of married couples.
The study had shown that for reasons such as convenience and finances, were some of the deciding factors. Cohabitating before marriage, and some times not even getting married at all has become more acceptable in today’s world. As the article had stated, younger adults see cohabitation as a path to a successful marriage. Its not just for the young, either!
There are many reasons for cohabitation, often we see clients who have divorced or been widowed cohabitating without marrying a partner. Particularly when there are adult children and people choose not to complicate inheritance and blending families late in life. It is particularly important for unmarried partners to put legal protections in place. Health care information, health care decisions and financial powers are not guaranteed.
In fact in 2006, research showed that 86% of all health, life and estate plans are out of date. Combined with the results of Pew Research Center along with with the present day extra stress on health providers, insurers, patients and their families, the combined impact is more then 90% of plans are out of date. Alert! If you or family member or a friend is cohabitating the traditional back-up Massachusetts Estate Plan (or whatever state you live in) is not available to you or them.
If you are cohabitating then it would be smart to meet with an attorney who should share some recommendations about asset protection and various health, disability, financial, insurance and real estate documents, whether you already have documents or not. We highly recommend seeking advice from an attorney regarding your affairs whether you are living together or are married, to ensure your assets and you are protected. We will review the problem the estate tax changes anticipated with the new administration in a further blog or newsletter.
Please consider investing some time to discover what will happen if someone you care about has a health emergency, disability condition or worse. We have a develoled a unique 19 point health, disability and life planning assessment to put you, your family and friends in the drivers seat. These tools will enable you to take control of your health, disability, life and estate planning now! You can even protect your health, home, spouse, family, legacy and life savings for the rest of your life.
We’ve developed a unique 19 point personalized review process. By attending the online sessions you will qualify for $1,475-$2,475 of additional benefits to review your plan with a personalized online or in person meeting. Also, should you decide to implement your plan you can apply benefits towards implementation as well. To learn more about this and other opportunities so you and your family are protected, contact our office now for a consultation 781-237-2815 or register for a free discovery webinar.