This fall, ABC is launching a new version of their hit reality tv series “The Bachelor.” Instead of featuring a 20-something that is looking for love, “The Golden Bachelor” will chronicle a widower’s search for a second romance.
The man selected for the title role is Gerry Turner. “A retired restaurateur, Turner lives on a lake in Indiana. He was married 43 years to his high school sweetheart, Toni, who suddenly fell ill and died in 2017. He is the father to two daughters and grandfather to two granddaughters. ABC describes him as a ‘charming 71-year-old patriarch.’”
Because writers and actors are on strike, this non-scripted series is one of the most hotly anticipated shows premiering this fall. It will be interesting to see how many people tune in because the show may be new, but the story that it will tell is not.
The Economic Impact of Remarriage for Widows and Widowers
A study published in the “Annals of Clinical Psychiatry” found that “By 25 months after the spouse’s death 61% of men and 19% of women were either remarried or involved in a new romance.” Here in Brandon, Mississippi, Palmer & Slay’s estate planning team has noticed that widows and widowers are typically not single for long. And this is one of the reasons we talk about thinking long-term with all of the married couples we work with.
Most people do not object to the idea of their spouse getting remarried if they are widowed, but few people have considered the economic impact of such a move. Ask yourself:
- Are you okay with the possibility that your surviving spouse will die before their new spouse, potentially leaving all the money you and your current partner have saved up to them?
- What if that new partner leaves their entire estate, which includes assets they inherited when your current spouse dies, to their own children (a perfectly reasonable thing to do)? That would leave your children inheriting nothing since your current partner’s estate passed to their new spouse.
Love, Loss, and Legacy
If these scenarios don’t sit well with you, it may be wise to update your estate plan to include your children or other people or organizations you hope will benefit from your estate. Palmer & Slay can help you craft a custom estate plan that will preserve your wealth and protect your loved ones. Contact us today to set up a meeting with our experienced team of Brandon, Mississippi-based attorneys.