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New Estate Planning Options now Available for Same Sex Couples


New Estate Planning Options Now Available for Same Sex Couples

For advisors, the legalization of gay marriages in 2015 has revamped how they are able to help same-sex married couples plan for the future. Before 2015, estate planning was navigated with a series of work-arounds.

The Wall Street Journal’s article, “Estate Planning for Same-Sex Couples," explains that estate planning is the most important area for advisors to discuss with their same-sex clients. Prior to the Supreme Court ruling allowing same-sex marriage, if one spouse planned on leaving a bequest to a partner, there needed to be enough life insurance in place for the surviving partner to cover the potential estate tax. Now, same-sex couples also have the unlimited marital-tax deduction, allowing them to free up liquidity in their financial planning.

It’s important to remember to update beneficiaries and insurance plans. If you have an individual retirement account or other retirement plan, a partner can change their beneficiary to “spouse.” You should also review your health-insurance options. By adding a spouse to insurance coverage, same-sex couples can save thousands in premiums.

Same-sex couples also bring children to the relationship, so be sure to understand who’s bearing the financial responsibility. Also, guardianship needs to be discussed and resolved because there are still differences in state and federal laws over guardianship and parenting rights.

Another consideration is the fact that same-sex couples seeking guidance are typically older than heterosexual couples who are beginning the planning process, because the lesbian, gay, bisexual, and transgender community hadn’t had the opportunity to marry before 2015. Older people are likely to have a retirement-planning strategy.

While these are basics for married couples, they present a brand new world of opportunities for same sex married couples.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: The Wall Street Journal (November 7, 2016) “Estate Planning for Same-Sex Couples”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.