Estate Planning for LGBTQ+ Couples: Addressing Unique Concerns
In recent years, strides toward equality have significantly improved the legal rights and recognition of LGBTQ+ couples. However, despite these advancements, there are still unique challenges and considerations that LGBTQ+ couples face when it comes to estate planning.
In California, a state known for its progressive laws, it’s crucial for LGBTQ+ couples to navigate the complexities of estate planning to ensure their wishes are honored and their loved ones are protected.
Key Considerations for LGBTQ+ Couples’ Estate Planning
While same-sex marriage has been legalized nationwide in the United States since 2015, not all LGBTQ+ couples choose to marry or are legally able to do so. Additionally, some couples may have concerns about their rights being respected in states where their marriage may not be recognized. This makes estate planning essential for protecting assets, making healthcare decisions, and ensuring inheritance rights.
Documentation and Legal Recognition
For LGBTQ+ couples, it’s essential to have thorough documentation of their relationship and legal agreements in place. This may include wills, trusts, powers of attorney, healthcare directives, and domestic partnership agreements.
These documents can help ensure that their wishes are followed in the event of incapacity or death, especially in situations where legal recognition of their relationship may be questioned.
Guardianship for Children in Estate Planning for LGBTQ+ Couples
Many LGBTQ+ couples have children, and estate planning allows couples to designate guardians for their children in the event that both parents are unable to care for them. This is especially important for non-biological parents who may face challenges in asserting their parental rights without proper legal documentation.
Protection from Discrimination
During the process of estate planning, LGBTQ+ couples may encounter bias from family members, healthcare providers, or even legal professionals. Working with an estate planner who is knowledgeable and supportive of LGBTQ+ rights can help ensure that couples receive fair and equitable treatment in the planning process.
Tax Planning in Estate Planning for LGBTQ+ Couples
Married LGBTQ+ couples are entitled to the same federal tax benefits as heterosexual married couples. However, state tax laws and regulations may vary, and unmarried couples may face additional tax implications. Strategic tax planning can help minimize tax burdens and maximize the value of assets passed on to loved ones.
The Importance of Legal Guidance
Given the unique challenges that LGBTQ+ couples face, seeking guidance from a knowledgeable estate planner is crucial. An experienced professional can help navigate the complexities of estate planning laws and ensure that couples’ wishes are legally documented and protected.
At Lonich Patton Ehrlich Policastri, our Estate Planning Practice Group offers comprehensive legal support across various areas, including estate planning, estate and trust administration, litigation, and probate. Our attorneys have expertise in the specific concerns of estate planning for LGBTQ+ couples, and will help you make the right decisions for you and your family.
Contact LPEP today to schedule your free consultation.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Michael Lonich
Specializing in Divorce and Estate Planning, I am San Jose Attorney, Michael E. Lonich; and I have been battling for client’s rights for nearly 40 years. When focusing on divorce, child custody, and related matters, I know all too well the emotional and financial toll divorce has on clients. Integrity, common sense, and a passion for what I do which guarantee the best possible results for my clients. Resolution of family law issues requires an attorney able to navigate the myriad legal and emotional issues presented in cases. Financial issues, child custody, domestic violence, valuation of property, analysis of RSUs, hidden assets, spousal and child support, all may require trial, mediation, or a collaborative effort with the parties. Regardless, each client gets the individualized attention they require. Every family law case is unique, we partner with you to develop a comprehensive approach to get the best results.
