.Financial Concerns In A "Broken-Heart Syndrome"
Financial Concerns In A "Broken-Heart Syndrome"
Valuable Estate Lessons From The Passing of George and Barbara Bush
Megan Gorman Senior Contributor Personal Finance Dec 3, 2018
I write about achieving wealth and how it intersects with our lives
The death of a longtime married couple in quick succession is often explained as “broken-heart syndrome”
When spouses pass within a short period of time of each other there may be challenges with beneficiary designations.
George H.W. Bush led an extraordinary, well-lived life during an exciting time in American history. In any discussion of his life and accomplishments, his late wife Barbara quickly comes to mind as well. Theirs is a well-documented and iconic love story. From the battlefields of Second World War to the White House and beyond, the romance and connection between them was felt by all who saw them together.
That is why George’s death less than eight months after Barbara’s may not really feel like a surprise. The death of a longtime married couple in quick succession is often explained as “broken-heart syndrome” or “widowhood effect” - a romantic notion that two hearts are so entwined that they can’t bear to be without each other.
George Bush’s death wasn’t specifically due to heart issues, but by all accounts he was ready to go after his final summer in Kennebunkport.
While it is a romantic ending to the Bushes’ time here on earth, the time between their deaths raises practical issues of estate planning. Timing is key in an estate plan and if the deaths of married partners occur within a short period of time, it can make the administration of an estate more challenging. This issue is not uncommon.
“The statistics are high especially for older couples who had close marriages, dependent on each other,” says Paula Leibovitz Goodwin, partner in the Personal Planning Group at Perkins Coie LLP in San Francisco. “There is complexity when dealing with two deaths.”
Timing Is Key
To continue reading, please go to the original article here: