Protecting Your Same-Sex Marriage with Estate Planning

With the Supreme Court overturning Roe v. Wade last week, many people are concerned that other fundamental privacy rights are in jeopardy. If you are in a same-sex marriage and you are worried about the Supreme Court overturning Obergefell v. Hodges, or if your spouse is a different color than you and you are concerned about the Supreme Court overturning Loving v. Virginia, you may not be able to protect all of your marital rights through the use of estate planning documents, but you can protect some of them.

Why the Wealthy Use Family Trusts (and Why You Should, Too)

Most people want to take care of their loved ones regardless of how much money they may have. Those who are wealthier than others often use Trusts to distribute money to their loved ones in a way that:

  1. Avoids the expense, hassle and time of probate;
  2. Maintains their privacy; and
  3. Helps them avoid paying certain taxes.

The Most Expensive Estate Plan

When planning your estate, there are several costs to consider. These costs include the dollar cost that you pay for your estate planning, the dollar cost that your Beneficiaries will pay on your death, the time your Beneficiaries will have to wait to receive their inheritance and the degree of control you have over what happens with your estate (who will manage the process and who will receive the benefit.)

This article examines the cost of estate planning for an estate of $500,000.

Benefits of Trusts

Some people today feel that the only people who need a revocable living Trust are those with more than $12,060,000. This is because the estate tax exemption has been raised to that amount, so that anyone with less will not pay federal estate taxes when they die. However, many people who focus only on the financial benefit of Trusts miss other benefits that a Trust can provide families. Sometimes Trusts can save you from paying estate taxes if you own more than the exemption amount; that is a financial benefit to having your money in a Trust. However, there are still many reasons why a revocable living Trust may make sense for you and your family.