California Estate Planning for Same-Sex Couples: Does Anything Change?

12:15 pm Uncategorized

For the same-sex couples that have chosen to marry, are the estate laws the same? Can same-sex couples enjoy all of the same perks? Do they need to be leery of all the same pitfalls?

The only way to know what kind of estate (and the trusts therein) to pick for any couple is to visit with an estate planning attorney in California that can help decide how the assets should be separated and protected by the estate.

But to answer the main question, any estate set up by and/or for any legally recognized couple–regardless of gender–will be subject to all the same rules, regulations, laws, and rules of probate if things get to that point.

There are a few major points that same-sex couples will need to add to their list. Couples of any kind should keep the following questions in mind when they visit their California asset protection attorneys:

a) Who will be the medical power of attorney? Should we be one another’s medical power of attorney? (In other words, do I want my same-sex partner making medical decisions if I am incapacitated).

b) What kind of effects can taxation have on our/my estate? Will there be any unforseen issues with money or asset transfers?

c) Is there anything we need to do differently to ensure that beneficiaries get what we ant them to?

These are just a few starter questions, but any same-sex couple looking to set up an estate or revise an existing estate will need to come up with a well-thought out list of questions for a qualified Newport Beach estate planning lawyer–walking in with a list will make the process run more smoothly and the estate will take less time to set up.

Help is available to you by contacting your Southern California financial planning experts today.

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