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A GLBT couple can avoid numerous problems through proper estate planning:
- A Living Trust can establish the client's domestic partner as the trustee,
i.e. manager of the client's affairs (if he or she so desires) if the client
becomes incapacitated through illness or accident.
- The Health Care Power of Attorney can also avoid the potential problems
of the client not maintaining control over his or her health care decisions
and the domestic partner not having access to his or her partner during a
period of incapacitation.
- A proper estate plan will ensure the client's assets are distributed to
whom he or she wants, when and how he or she desires.
- The Living Trust guarantees privacy, through avoidance of probate and its
process of opening court records. This is especially true for clients and
their domestic partners who wish their sexual orientation to remain confidential,
for fear of a disruption in family relationships or harassment or discrimination
in the workplace.
- Proper estate planning assures that any surviving minor children are raised
by the person designated in the plan.
- Finally, although there are no spousal benefits for GLBT couples (compared
to those of heterosexual married couples) proper estate planning will ensure
correct strategies are used to avoid penalties, extra taxation when possible,
and the court and attorney costs of probate.
The
Problems Estate Planning Solves For The GLBT Community
Find out why estate planning for GLBT couples is so
important.
Free Report
Order a complimentary copy of the Special Report "Gay and Lesbian Couples Face Special Challenges in Estate Planning," or click here to view all available Special Reports.
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Frequently
Asked Questions (FAQs)
Resources
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GLBT Estate Planning & Related Topics
