ESTATE PLANNING FOR SAME SEX COUPLES
The legal landscape concerning same sex relationships is constantly changing. It is important to have creative estate planning tools that protect both parties, their loved ones, and their future. There are many tax and planning pitfalls that can be avoided with proper planning from a lawyer who is well versed in the unique issues facing LGBT clients.
Despite the frequently changing laws regarding marriage at the state level, the Federal Defense of Marriage Act still denies over 1300 benefits to same sex couples, simply because of who they love. There are many legal techniques available to minimize the impact of this legislation.
It is also very important to plan for health care decision making and one's estate. Health care providers are frequently not familiar with the legal rights of partners to make decisions regarding health care, and without proper enhanced documentation they may deny rights to same sex partners. Also, litigation during probate is a common problem when an individual leaves their estate to someone of the same sex, no matter how long or loving the relationship was. The use of trusts and careful estate planning can avoid these pitfalls and ensure that the estate passes as intended, and loved ones are provided for.
NON TRADITIONAL ESTATE PLANNING
Unique circumstances require unique planning. Increasingly, blended families, second marriages and same sex couples are becoming more and more common. The failure to plan for a special situation results in expensive probate litigation and the alienation of family members. In order to ensure that loved ones are provided for and prevent the time, expense, and relationship damage of probate litigation, it is essential to have a comprehensive estate plan created by an attorney experienced in these matters.
Planning for Second Marriages
When an individual marries for a second time, they are commonly faced with the dilemma of providing for their spouse, who they love and cherish, and their children from a prior marriage, whom they love as well. There are legal techniques available that balance these two interests and eliminate the need to choose one over the other.
The use of a marital trust allows the maintenance and support of one's spouse. At the end of the spouse's life, the remainder can revert back to a testator's children from their first marriage. There are many different ways to craft these trusts which balance the income interest of the surviving spouse with the remainder interest of the children.
However, every situation is unique. Therefore, these trusts can be custom tailored to the needs of the client, their spouse, and their children. Finally, during estate planning many estate tax pitfalls can be avoided as an added benefit.
Contact us for more information on this specialized law practice.
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