Estate planning for gay couples

For same-sex couples, it’s vital to have an estate plan that ensures loved ones receive your wealth and children are protected. Although estate planning is important for everyone, same-sex couples have an even greater need to ensure they receive the same rights as heterosexual couples. Top 10 Estate Planning Recommendations for LGBT couples ardianship to financial planning and wealth management. Legal protections for Lesbian, Gay, Bisexual and Transgender (LGBT) couples in America changed dramatically since the June 26, , Supreme Court ruling legalizing gay marriage in all 50 states; and by solidifying your plans now, you.

A comprehensive checklist on estate planning for LGBTQ+ couples to be financial prepared as they move through their journey. LGBT+ individuals and couples have an even greater need than others for estate planning. Here are the key estate planning steps to take. Given the ever-changing laws and court decisions covering gay marriage and related financial benefits, couples are best served when they prepare an estate plan and update it on a regular basis.

The Gay Family Law Center can provide you with a roadmap for estate planning, as well as ensure that your plan stays current. And financial privacy, a priority for most wealthy individuals and families, may be especially important. Here are five planning considerations to keep in mind. Same-sex couples who choose to adopt also face a range of expenses. In some cases, employers may offer assistance. Health insurance coverage is more variable, with some insurers requiring proof of infertility— which, until recently, was defined as an inability to conceive in a heterosexual relationship.

In , the American Society for Reproductive Medicine issued a more inclusive definition that may apply to women and men in same-sex couples. Families may also be able to help. Though marriage equality was enshrined in U. For those who are single and not in a relationship, estate planning is just as important.

Identifying who's going to step in if you're incapacitated to assist with tasks like paying bills, managing insurance benefits or performing other administrative duties should be documented well in advance. Documents such as an advance healthcare directive, healthcare proxy, durable power of attorney and hospital priority visitation form can help ensure that your wishes are accommodated.

Keep the visitation form and other documents on your phone or close at hand to produce if anyone questions your right to be there, she suggests. You may have an agreement with a friend to advocate for your care. But you also need to make sure that person is formally designated as your healthcare proxy. Looking ahead may also mean considering where you want to live.

The publicity of probate and the prospect of outsiders seeing where your assets are going might not be something you want, which is one good reason to consider a revocable trust. Your advisor can work with you, your attorney and your tax advisor to help you create a plan that addresses your planning needs and goals.

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You can select the "Return to Merrill" button now to return to the previous page, or you can close the new window after you leave. Estate planning Though marriage equality was enshrined in U. Privacy matters The publicity of probate and the prospect of outsiders seeing where your assets are going might not be something you want, which is one good reason to consider a revocable trust.

Your wealth planning checklist. Or the costs of adoption? Does your employer offer any financial assistance?

A comprehensive checklist on estate

Does your health insurance cover any of the costs? Is your family able to help? Payments for fertility services made directly to healthcare providers do not count as gifts for tax purposes. Estate Planning Will your partner receive your assets without estate taxes having to be paid? While married couples have an unlimited gift tax exemption for assets passed to a spouse, unmarried couples may need to do additional planning to minimize estate taxes.