With the legalization of marriage, Estate Planning for the LGBT community looks much like the planning completed for any other couple. However, there are always considerations that should be discussed. Are you married? Do you have children? If so, are both parents on the birth certificate? Has there been an adoption? These are all important questions for legacy planning, and in considering the execution of a Pre-Need Guardian. There are also taxation implications. While the Defense of Marriage Act was in place, a same-sex couple was treated as individuals for taxation purposes. With the end of DOMA, same-sex married couples enjoy the same benefit as any other couple, to pass unlimited assets to their spouse without being subject to federal or gift tax.
Hand in hand with Estate Planning is a comprehensive review of all accounts. Have you updated your beneficiaries to your spouse for your life insurance? Have you elected your spouse as your beneficiary for your IRA? Do you have separate bank accounts or joint accounts? Is there a Payable on Death or Transfer on Death on file for your accounts?
You should contact an attorney that is knowledgeable regarding LGBT issues and Estate Planning. Shulman Law offers comprehensive Estate Plans for all couples and individuals, and is also experienced in handling matters for the LGBT community. On top of Estate Planning, Shulman Law has also offered services in Donor Agreements and is well versed in drafting documents to protect you and your family.
Shulman Law is a full service Estate Planning Law Firm that can assist with all areas of Estate Planning, including: Contested Wills, Health Care Surrogate, Power of Attorney, Guardianship, Pre-need Guardianship, Inheritance, Living Wills, Missing Heir Searches, Contested Trusts and Estates, Decedents Estates, Estate Administration, Estate Litigation, Estate Planning, Estate Planning for Parents of Handicapped Children, Estate Planning for the Disabled, Estate Planning for the Elderly, Estate Planning for Unmarried Couples, Estate Planning for Gay and Lesbian Couples, LGBT Estate Planning, Estate Settlements, Family Trusts, Family Wealth Transfer, Financial Planning, Living Trusts, Personal Planning, Pet Trusts, Powers of Attorney, Revocable v. Irrevocable Trusts, Retirement Planning, Special Needs Trusts, Trust Administration, Trust and Estate Collections, Trust Law, Trust Litigation, Trust Planning, Unclaimed Property, Wealth Planning, and Wealth Preservation.