Flood & Masiuk LLC
The landscape is changing when it comes to same-sex marriages. In the past, estate planning has always been especially important for committed LGBT couples, because they could not get married.
Same sex marriages are now legal in the state of Pennsylvania, but this does not mean that estate planning is no longer necessary. All married couples should understand the facts and work with an estate planning attorney to put a personalized plan in place.
There are a number of different ways to arrange for future asset transfers. The optimal course of action will vary depending on the circumstances.
Each family is different, and each person on your inheritance list is in a different life situation. The best way to provide for one person may not be the right choice for the next. You should understand all of your options and provide for each of your loved ones in the optimal manner.
Taxation is another consideration. Some high net worth individuals are exposed to estate taxes. There is a federal estate tax in place that carries a 40 percent maximum rate. If you are exposed to the tax, you should take steps to gain tax efficiency.
In Pennsylvania we also have a state level inheritance tax, and you should gain an understanding of this tax when you are planning your estate.
A comprehensive estate plan will also address the eventualities of aging. Many elders become unable to handle all of their own affairs late in their lives. You can account for this possibility when you plan your estate.
Schedule a Free Southampton LGBT Estate Planning Consultation
Our firm is very sensitive to the needs of the LGBT community. If you would like to put an estate plan in place or update your existing plan, click this link to request a free consultation: Southampton, PA Estate Planning.