Estate
Planning for Gay & Lesbian Families
What is Estate Planning?
Estate Planning is the implementation of your desired wishes
for managing your assets while you are alive and the distribution
of those assets after your death. A well designed estate plan can
meet all of your unique needs.
Why is it absolutely crucial for Gay and Lesbian families to have
an estate plan?
Gay and Lesbian couples and their families do not have the same
legal rights as traditional married couples making it even more
imperative to establish an estate plan. Without an estate plan,
critical decisions may be left to a system that may exhibit legal
prejudice and involve bloodline relatives that you may not want
involved.
In addition, taxes are not eliminated and disability needs are
not addressed for gay and lesbian couples as they are for traditional
married couples thereby making advance planning with tools such
as life insurance, a necessity within the estate plan.
What will happen if I don’t create
an estate plan?
Unfortunately, life partners are not entitled to have assets pass
to them automatically as traditional married couples. In addition,
even though it may not be your intent, assets will be inherited
by the family of origin, leaving your life partner without recourse.
In addition to assets, there are many other issues that need
to be specifically addressed so that your life partner will be
entitled to carry out your wishes.
Will an estate plan provide protection and security for my life
partner?
Yes. If an estate plan is properly drafted and executed, you can
have peace of mind knowing that your wishes will be carried out
exactly the way you want, thereby ensuring the financial and emotional
protection of your life partner. For example, by utilizing a revocable
trust, it makes it difficult for a bloodline relative to contest
any of the issues being addressed.
If I become incapacitated, will my life partner be able to make
decisions on my behalf?
No. This is an undesirable situation, to say the least. Most likely,
a blood relative (possibly someone you do not feel close to) will
be given the authority to make financial and medical decisions
for you. Such relatives can even make decisions after your death,
thereby eliminating your partner's input which is the person most
aware of your wishes. Your life partner can even be denied the
right to hospital visitation by a blood family member.
These issues can all be addressed by the appropriate estate planning.
Request
a copy of our special report entitled, “Protecting the
rights of non-traditional couples in the traditional world” for
more detailed information.
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APPOINTMENT WITH DDSS
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