There have been some significant changes to laws governing same-sex marriages. Gay marriages are now legal here in the state of California. Because of a United States Supreme Court ruling, the federal government is also recognizing same-sex marriages.
Gay couples who are legally married in any jurisdiction receive all the benefits that the federal government extends to married couples. This includes the utilization of the unlimited marital estate tax deduction. If you are married, you can transfer an unlimited amount of property to your spouse free of federal transfer taxes.
False Sense of Security
The fact that gay marriages are now being recognized by the powers that be can lull you into a false sense of security. Even if you are legally married, you should have an estate plan in place.
There are various different ways that you can arrange for the transfer of your assets to your loved ones. You should evaluate your options and make informed decisions.
In addition to the financial component, a well constructed estate plan will also address the possibility of incapacity late in your life. Your estate plan should include certain legal devices that will protect you in the event of your incapacitation.
If you already have an estate plan in place, you may want to revise your existing plan in light of the changes to relevant laws.
Schedule a Free Campbell and California LGBTQ Estate Planning Consultation
If you are a member of the LGBTQ community here in the greater Campbell, California area, we would like to invite you to consult with our firm. We offer free Campbell California LGBTQ estate planning consultations to people in the area, and we would be glad to assist you.
You can request an appointment electronically through this website, or you can simply give us a call at 408-356-9200.
Click here to visit our LGBTQ Resources Page: LGBTQ Resources Page