5 Estate Planning Tips
for LGBTQ Couples.
Know when to get married – Marriage can confer financial benefits through social security, retirement accounts, estate administration, medical insurance, and tax planning.
Know when not to get married – Marriage can obligate you to support your spouse with medical, long term care, and other support related expenses.
Protect your spouse or partner during their lifetime – There are important legal documents that you should have to ensure you have authority over your spouse’s/partner’s finances as well as medical and personal care decisions.
Protect your assets – Marriage can confer important rights to you or your spouse on death, which could exclude other family members from objecting to your spouse's estate plan. We can also arrange your estate to pass tax-free to your spouse.
Protect the disposal of your partner’s remains – Even when not married, your partner can appoint you as their agent to dispose of their remains after death.
Lack of proper planning can be disastrous for your care if you become sick or incapacitated and can cost your estate thousands of dollars in taxes and fees. Make sure you are secure and protected.
To get more information about the benefits of estate planning and how proper planning can protect the interests of both you and your partner, feel free to give me a call at 212-268-8200 or email me directly. Email>
Matthew Carmody is also a pro bono volunteer at SAGE (Service and Advocacy for a Gay Environment), the Trans Justice Funding Project, and other LGBT organizations. He is also a speaker and CLE faculty for The New York State Bar Association. For full bio, click here>