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

Resize the Content Text

Planning estates for unmarried New York partners

More and more American couples are opting not to get married these days. As for those who do get married, though, many are deciding to wait until they are much older to tie the knot. Also, divorced and widowed Americans are also choosing to forgo remarriage and cohabitating instead.

It is a reasonable idea to delay or forgo marriage, and every couple has its reasons for doing so, but unmarried couples should be aware of how this might affect their estate planning needs. For example, people who are legally married have the benefit of leaving the entirety of their estates to their spouses without triggering a penny in federal estate taxes. Meanwhile, the estates of unmarried individuals will trigger federal estate taxes when they exceed $5.43 million in value. Other estate planning benefits of being married include inheriting the Social Security benefits of a deceased spouse, and getting to participate in different types of victim's compensation funds -- like the Sept. 11 victim funds.

Some of the disadvantages of not being married can be circumvented through appropriate estate planning strategies. One strategy for individuals who own valuable real property or other kinds of assets is to create a Revocable Living Trust. This kind of trust allows heirs to skip the probate process after the estate planner has died. The Revocable Living Trust will then distribute its assets to whoever the estate planner chose. These trusts offer a lot of flexibility about who will manage the trust creator's affairs in the event of death or incapacitation as well.

For unmarried New York partners with smaller estates, a well-planned will could be all that is needed to accomplish their estate planning goals. Ultimately, by speaking with an experienced estate planning attorney, New York residents can get a sense of what estate planning strategies are most appropriate for their needs.

Source: The Huffington Post, "Estate Planning for Unmarried Couples," Sep. 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: