Another aspect of marriage that same-sex families can now confront is estate planning. All families need to have long-term financial plans, including a legal final will and testament. Your LGBT family law attorney should have the experience and information to help you take this important step in your life, planning for the financial future of your spouse and children, should tragedy occur. This is where you can also clearly indicate who will have custody of minor children if one or both parents should pass away.
You’ll want to periodically check your beneficiary designations, especially when major life events (like divorce, remarriage, birth, death, etc.) occur. You want to be sure that you have listed the appropriate person or persons to inherit your money. You should also know that when the Defense of Marriage Act was struck down, the Employee Retirement Income Security Act accounts without designated beneficiaries are now automatically transferred to the spouse, regardless of gender.
When you meet up with an LGBT family attorney for the purpose of estate planning, you’ll want to discuss the tax implications of your marital status. Be sure to work with someone who has the experience and expertise to keep up with the ever-changing tax laws and the effect of changes on your own estate.