Estate Planning for Non-Traditional Couples

• Overview
• Agenda
• Faculty
• Credits

Benefits

The arena of estate planning for non-traditional couples is a growing field laden with opportunities and land mines. Whether it be a gay or lesbian couple, or a heterosexual couple living together but simply choosing not to get married, the need to be proactive in their planning is essential. Two primary issues arise when it comes to planning for non-traditional couples: (1) Unlike traditional married couples who have the benefit of state statutes to protect them in the event that they fail to affirmatively take action and prepare certain traditional estate planning documents, non-traditional couples have little to no protection from state statutes should something happen to their partner; and (2) The Federal government provides certain advantages to married couples for purposes of tax planning. Nevertheless, a non-traditional couple, in the absence of proactive planning, will be, other than (a) being 'lucky' enough to die during the time where the estate tax has been repealed, or (b) once the estate tax is reinstated, use their exemption against the estate tax, left with no other alternative but to pay estate taxes upon their deaths. Hence, the need for planning is crucial. Moreover, not only do non-traditional couples face the above challenges, but on many occasions, they also have to confront the problem that even if they prepare certain basic testamentary documents such as a last will and testament or a revocable trust, there may be certain family members that do not approve of their lifestyle, their relationship, and hence, they face the likelihood that their testamentary documents will be challenged at their deaths. Therefore, on occasion there may be a need to plan for the avoidance of challenges to testamentary devices to surviving partners. This teleconference will discuss some of the planning opportunities available for non-traditional couples and address the various complicated issues non-traditional couples face.