LGBT families are experiencing serious financial implications in the aftermath of the Supreme Court’s ruling legalizing same sex marriage in all states.
The ruling allows same-sex couples to joint file for tax purposes but it also changes the rules for estate planning, says a story in the Huffington Post.
A few tips for such couples:
- Create a will. Failing to create a will is one of the biggest mistakes made by members of LGBT couples, the story says.
- Consider a prenup.
- Have a power of attorney.
- Understand the estate tax regulations in your state.
- Prepare for the unexpected. This may include a domestic partnership agreement, a living will or a living trust.
- Plan for your final arrangements.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
