Estate planning is essential for everyone, but LGBTQ+ individuals and couples may face unique legal and familial dynamics that make thoughtful planning especially important. Here, we outline key considerations and strategies to help ensure that your wishes are honored, your loved ones are protected, and your rights are respected.
1. Protecting Unmarried Partners
For LGBTQ+ couples who choose not to marry, a comprehensive estate plan can prevent potential disputes and ensure assets are passed to the partner, rather than defaulting to biological family members. Tools like wills, trusts, and beneficiary designations are vital to establish these preferences legally.
2. Designating Guardianship and Parental Rights
For couples with children, designating a guardian is critical. Some states still present challenges for non-biological parents, even with legal adoption, so specifying guardianship within an estate plan protects your children’s future and minimizes legal battles.
3. Securing Healthcare Decisions
An advance healthcare directive allows you to designate a trusted individual, often your partner, to make medical decisions on your behalf if needed. Without this directive, decision-making may default to biological relatives, which may not reflect your true preferences.
4. Powers of Attorney for Financial Protection
Financial powers of attorney ensure your partner or trusted individual can handle your finances during incapacity, from paying bills to managing property. This document is crucial for LGBTQ+ individuals and couples to prevent courts or family members from making unintended financial decisions.
5. Structuring a Trust for Privacy and Protection
Trusts provide privacy, control, and flexibility—advantages particularly important for LGBTQ+ individuals who may have complicated family dynamics or wish to keep certain matters private. With a trust, you can manage asset distribution outside of probate, protecting your wishes from public record.
6. Planning for Estate Taxes and Beneficiary Rights
Strategic estate planning helps minimize estate taxes, but LGBTQ+ individuals and couples must be mindful of how federal and state laws may impact taxes and inheritances. By proactively addressing these factors, you can ensure more of your assets go to loved ones instead of taxes.
Customized Plans for Individual Needs
Each LGBTQ+ individual and couple brings unique priorities to estate planning. At Von Rock Law, we’re committed to providing LGBTQ+-inclusive estate planning that reflects your values and priorities, ensuring security and peace of mind for you and your loved ones.
Ready to Start Planning?
Contact us to learn more about LGBTQ+ estate planning and how we can tailor a plan to fit your needs and goals.
