Here are some tips for seniors who are living together.
Tips for Cohabiting Seniors
- Update your wills.
- Assure your children and grandchildren that their inheritance will not be compromised by your new relationship.
- Do not combine your assets. Keep your bank accounts, brokerage accounts, etc., separate.
- Consider maintaining two separate households from both practical and legal perspectives.
- You should both consider long-term care insurance.
- Make sure your estate planning is up to date and that the interests of your children and grandchildren are protected.
- Put your health care wishes in writing and discuss them with your children.
- Sign a cohabitation agreement.