LGBT Estate Planning
Learn How To Protect Your Property
Whether you are married or unmarried, proper estate planning ensures your partner's right to care for you and to inherit assets from you. As always, we'll help lessen he burden of taxation where possible.
While Utah's laws have changed regarding LGBT rights, it may take time for financial and medical professionals to accept change. We are well-versed in Utah's LGBT laws, and we will help you protect your rights and those of your partner.
Know Your Rights And Protect Against Descrimination
Proper estate planning is crucial in case of resistance to recognize your rights.
Who This Service is For
If you die without a will, your state may not recognize your partner as your natural heir. Make sure you have an estate plan in place.
Want to Learn More?
If one of you died or developed a terminal illness, would there be enough assets to maintain a comfortable standard of living? Even if married, federal government and many pensions view same-sex couples as strangers. Same-sex couples have a smaller safety net than heterosexual married couples because of social security eligibility, pension survivorship benefits. Your spouse may be the default beneficiary for your 401(k) plans, even if other individuals were named as beneficiaries prior to marriage. However, this does not apply to IRAs, so review your beneficiary designations regularly.
Plan your estate by contemplating the following things.
- Creating a will
- Considering prenuptial agreements
- Including power of attorney
- Understand estate tax implications in your state
- Prepare for the unexpected
Same-sex married couples can gift or pass an unlimited amount of assets or property to each other without needing to use any gift or estate tax exemptions.
Avoiding probate may be more complicated for same-sex couples because, in most states, they cannot take advantage of laws that allow property to pass to spouses without probate. You can avoid probate by using these estate planning tools:
- Living Trusts
- Transfer-on-Death Accounts, Registrations, and Deeds
- Joint Ownership
- Power of Attorney
Additionally, most states have simplified probate procedures for small estates. So if you don’t have much property, you may not need to plan for probate at all.