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LGBT Estate Planning

Since the Supreme Court decision that legalized marriage between same-sex couples, LGBT estate planning has become much simpler. Or has it…? Granted, same-sex couples who have married under state laws are treated just like other married couples for estate planning purposes, but even nuclear families often need specialized planning. Furthermore, many LGBT couples have chosen not to marry or may have assets or children from previous marriages that are not adequately addressed by state probate laws or by their current estate planning documents. 
If you or someone you know is in a same-sex relationship, here are some LGBT estate planning issues/suggestions Inter Vivos thinks you should be aware of:
  • If you or your partner have minor children from a prior relationship, does your will express your current desires regarding guardianship?
  • Are all of your beneficiary designations on your retirement accounts, life insurance, etc. current?
  • If you have decided not to legally marry, it is important to make sure you have documents in place that are up-to-date and that correctly reflect your desires regarding distribution of your assets when you pass away. If you have a large estate and are not married, you are still limited to the individual estate tax exemption amount.
  • Marriage does not automatically grant your spouse a power of attorney should you become incapacitated. It is important to designate powers of attorney in case something happens to you.
  • Be prepared. As laws continue to shift and change, the best way to ensure that your wishes are carried out is to create a trust that specifies your desires regardless of your relationship status.
Laws will continue to evolve in this specialized area of LGBT estate planning. You should review and update your documents regularly to be sure that they adequately address your current situation. At Inter Vivos, we can navigate the laws and answer any questions or concerns you may have. Give us a call to see how we can help.
Planning for Life Partnerships can be extremely important, particularly where one or both partners have substantial assets. Estate planning documents help preserve the relationship you want to build together while protecting you from the unforeseen financial consequences of death or incapacity.

E-book: "Estate Planning For The Modern Family"

The average family today faces different needs than they did before. Changing laws, high divorce rates, and immigration concerns cause new and serious considerations for families planning their estates. Whether it's planning for pets, partners, or past relationships, our new E-Book, "Estate Planning for the Modern Family" has answers and strategies to make sure there will be no surprises when emergencies hit and avoid fallout for the family afterwards.

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