The truth of the matter is that every responsible, self-supporting adult should have an estate plan in place. But even though this statement is accurate, in fairness it should be stated that estate planning is more essential for some people than it is for others.
With this in mind there was some recent news circulating that underscored the importance of intelligent long-term planning for gay couples who are in committed relationships.
The state of North Carolina passed a constitutional amendment that has stated in no uncertain terms that same-sex unions would not be recognized.
These marriages are not recognized in our area either. So, proactive legal steps are necessary if you want to be sure that your partner is provided for and empowered to make decisions in your behalf should you become unable to make them due to incapacity.
If you work with a good Indianapolis estate planning lawyer to devise a comprehensive plan for aging and your eventual passing you can make sure that your bases are covered by executing all the necessary legally binding documents. These can include durable powers of attorney and a living will to account for possible incapacity
In addition, when it comes to the financial end of things your attorney will evaluate your resources in light of potential estate tax exposure and devise you accordingly if tax efficiency strategies are called for given your unique situation.
Inaction is not an option. If you are a member of the GLBT community who is in a long-term committed relationship right now is the time to pick up the phone to arrange for an informative consultation with a licensed and experienced Indianapolis estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023
