Are you an LGBTQ+ couple thinking about estate planning? It’s essential to consider your unique needs. Here’s a brief overview to get started:
Legal Considerations:
- Marriage Recognition: Understand the legal status of your marriage in your state or country and how it affects estate planning.
- Parental Rights: Ensure that both parents have legal rights over any children, including adoption or assisted reproduction agreements.
- Healthcare Decision-Making: Designate a healthcare proxy to make medical decisions if you or your partner become incapacitated.
- Will and Trust: Draft a comprehensive will and trust to distribute assets according to your wishes and protect your surviving partner.
Financial Considerations:
- Joint Ownership: Consider joint ownership of property and accounts to simplify asset distribution.
- Beneficiary Designations: Review and update beneficiary designations on retirement accounts, life insurance policies, and bank accounts.
- Tax Planning: Understand the tax implications of transferring assets between spouses and plan accordingly.
- Long-Term Care Planning: Discuss long-term care options and financing strategies to ensure both partners are adequately cared for in the future.
Addressing these considerations can help you create an estate plan that reflects your wishes and protects your loved ones, providing peace of mind for you and your partner.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.
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