LGBT Estate Planning
Traditional Estate Planning is the process of developing a comprehensive plan for how to distribute one's assets at the time of death. It can include using gifts during the donor's lifetime and other devices to reduce the taxable estate.
The goals of effective estate planning services are to protect assets, preserve wealth, minimize tax exposure, and clearly define how a person's assets will be distributed at the time of their death. However, Estate Planning for Same Sex Couples involves more than just minimizing estate taxes, which, although important, is often a secondary consideration to the more urgent legal issues faced by same sex couples because there are Estate Planning documents that can be prepared that will give same sex couples the same or similar rights to married couples through contract, trust, and probate law.
I feel that Proper LGBT estate planning should address these important issues:
- Who will make healthcare and financial decisions for you?
- What say will your partner have in your estate and end of life care?
- Who will inherit your property?
- What will happen to your children and pets?
- What will happen to your remains?
These issues can be solved though the execution of some of the following documents, such as:
- Living Trust (revocable)
- Irrevocable Life Insurance Trust
- Financial Powers of Attorney
- Medical Powers of Attorney
- Domestic Partnership Agreement
- Shared Parenting Agreement