Elder Law Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC stresses the importance of estate planning for LGBTQ couples, especially unmarried partners who may lack default legal rights. For more information please visit https://www.elderlawfirm.com
-- Estate planning for married same-sex and LGBTQ couples in the US is essentially the same as that for other married couples, but there may be issues arising that could require closer scrutiny, said Attorney Dennis Toman.
For more information please visit https://www.elderlawfirm.com
A Supreme Court hearing in 2015 made same-sex marriage legal. While this has made estate planning easier for married couples, those in relationships but not married should consider consulting an estate planning lawyer to learn what to do.
Irrespective of whether an unmarried couple is LGBTQ or not, an estate plan is ideal as it can ensure a partner is recognized if one dies.
One of the first but essential aspects of estate planning is creating a will or a living trust that asserts who will inherit assets, names a nominated person to execute the plan, and who can exercise powers of attorney on health and financial matters if that person is incapacitated and unable to do so independently.
Dennis Toman said a compelling reason for all married or unmarried couples is to have a health care directive inserted into the estate plan. These directives set out a person's wishes for end-of-life health care.
‘’A living will stipulates the care you want and don't want, and a power of attorney for health care names a person to make health care decisions for them’’, he said.
This may be useful if a person's family is unaware of their relationship status or has not accepted it. The directive gives a partner the legal authority to act on their partner's behalf and make medical decisions, he said.
This would similarly work with a financial power of attorney because someone is given legal authority over your finances.
He urged unmarried couples to consult an attorney when trying to navigate the issues around federal and state estate taxes. All assets left to a surviving spouse are exempt from federal estate taxes, but this may not be extended to an unmarried partner.
The estate plan can also stipulate in detail a person's funeral arrangements. This may offer peace of mind to a couple, particularly if they anticipate objections and challenges from wider family members. An unmarried partner would not be able to deal with the funeral home if needed, without the proper language in a signed directive.
Another element often overlooked is allowing an estate plan to become outdated, mainly if an ex-partner is still included in the plan, even though they may have divorced or moved on with their lives.
"Make sure that beneficiary designations are current and reflective of your life now, not five or ten years ago," said Dennis Toman.
Some LGBTQ couples will have faced challenges from their own families in life. So, they may well consider a no-contest clause in their estate plans to negate any issues that may arise for their partner.
Toman explained: "If a person is estranged from their core family or anticipates conflict with how they are proposing to leave their assets, then a no-contest clause to your will or living trust states that if someone challenges their will or trust in court, and loses, they won't inherit anything at all from them."
Such clauses give potential challengers time to reconsider their position – and may be of interest to some in the LGBTQ community, as well as anyone who anticipates family disputes after death.
He advised that a lawyer should be consulted when addressing the future of any children who are part of an LGBTQ family.
A surviving spouse might not be a child's legal parent, so an estate plan is an opportunity to assert if a child will inherit from one or both parents. "It will also need to assert what happens to minor children if either or both spouses die," he added.
Toman concluded: “All these options are primed to give an LGBTQ couple the power and peace of mind they seek in dealing with any future issues that may arise.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89166207
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