Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Estate planning tips for same-sex couples

In the past, same-sex couples had to do much of their estate planning individually, seeing as how they could not get married. However, when the Defense of Marriage Act was overturned, same-sex marriages became legal in many states, and this changed the rights that these couples have. It's important to know exactly what this means for estate planning and related topics in New York, and the following tips can help.

1. Give gifts as a couple.

You are legally allowed to give tax-free gifts up to a total of $14,000 on your own. If you're married, though, that amount doubles, so you and your spouse can give $28,000 as a gift.

2. Share your retirement plans.

If you have a retirement plan and you'd like your spouse to be the primary beneficiary, you can list him or her as such. This was more complicated before, when couples who may have been together for years could not be legally married, but it's now far easier to share retirement plans, meaning they can pass directly to your spouse if you pass away.

3. Utilize those unused exclusions.

There are certain exclusions to estate taxes that can be used to protect assets. For married couples, exclusions that are not used by one person can be "ported" and passed over to the other spouse. This is important because it helps the remaining spouse protect even more of his or her estate in the future, so unused exclusions are not simply wasted.

The rise of same-sex marriage is still relatively new, so be sure you know how it may change your rights.

Source: Forbes, "Estate Planning Advice For LGBT Couples," Holly Hanson, June 10, 2015

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: