Matthew T. McClintock, Vice President of Education at Wealth Counsel, has a lot to say about same-sex marriage and bullet-proofing estate planning. He advises that same-sex couples should start by finding an attorney who will help with them in regards to estate planning. He has stated on the issue, “Find someone with whom you have a strong relationship chemistry.” This is why it makes sense to put your trust in a trust, but where do you start? What steps should same-sex couples take to assure that their wishes are listened to? The truth is, there are many estate planning issues for gay and lesbian couples, and today we will offer you some help with your planning.
Planning Issues
Will: Wills are a great consideration for those who want to determine who will inherit your assets, nominate a guardian for children, arrange for an adult to manage assets for their children, and name an executor. If you do not go through with a will, your property will be divided according to the laws of your state, and nobody wants that. It is great to always have a plan in place to avoid this situation. If you are not married to your partner, your partner may not have a right to your property and you can change this by considering a will.
Probate Avoidance: Probate can be costly, which is why it is a good idea to avoid it at any cost. However, there are many ways to avoid probate. Avoiding the probate process may be complicated for same-sex couples because they cannot take advantage of many of the same laws. However, there are some steps you can take such as making living trusts, deeds, and joint ownership.
Health Care Directives: What are you wishes for the end of your life? Health care directives will determine this. Why are health care directives important for same-sex couples? They give healthcare professionals clear and legal instructions for providing care without giving notice to the legality of the couple’s relationship.
Financial Powers of Attorney: In these situations, you are giving another person power over your finances. If you become incapacitated and can’t take care of things yourself, it is especially important to name a power of attorney. This will help you and your partner in the long run and you will be able to follow through with many important wishes.
Estate Taxes: Your estate plan will reduce you and your partner’s estate tax liability. All assets left to a surviving spouse, including a married spouse of the same sex, will be exempt from those taxes. Are you still feeling as if your partner and you should see a lawyer about reducing estate taxes? Speak to one today to lessen your fears.
Final Arrangements: You and your partner should consider making a final arrangements document. You will lay out your wishes and plans for your final arrangements. This may include wishes concerning burial or cremation, embalming, caskets, headstones, ceremonies, and paying for the final arrangements. You and your partner may find some peace at mind by considering these arrangements.
Are you worried about estate planning and wonder what rights you have with your partner of the same sex? You are entitled to these rights at all costs. Call us today at The Law Offices of Amy M. Montes for more information.
