Same-sex couples would be wise to get an estate plan rather than just depend on new legal protections.
If same-sex couples get married in the U.S. today, they enjoy legal protections, but the Huffington Post recently gave some tips for same-sex couples in “5 Estate Planning Tips LGBT Families Need To Follow In 2016,” including:
- Get a Will – A will is the basic foundation of estate planning you can use to detail how you want your assets distributed and who you want to be the guardian of your children.
- Prenuptial Agreement – While not always necessary, a prenuptial agreement allows you to set the financial conditions of your marriage and how you want assets divided in case of divorce.
- Power of Attorney – Make sure you have a power of attorney in place as it will make it easier for a spouse, or someone else, to handle financial matters if anything should happen to you.
- Estate Tax – You need to be aware of the estate tax, not only at the federal level but in your state as well. If you have enough assets that taxes might have to be paid, you need to plan for it.
- Be Prepared for Curveballs – It is unlikely that the Supreme Court will reverse its decision on same-sex marriage, but you should always be prepared
Reference: Huffington Post (July 13, 2016) “5 Estate Planning Tips LGBT Families Need To Follow In 2016”