SAME-SEX ESTATE PLANNING (LGBTQ)

The following is a basic list of each estate planning that every Sarasota or Manatee County Florida same-sex couple and domestic partners should have:

SAME SEX SPOUSES

As with an opposite sex couple, estate planning is important to ensure your assets pass, at death, as you desire, and the individuals that you desire to handle your affairs, both during incapacity and at death, are appointed to make those decisions on your behalf.

Florida Will and/or Revocable Trust: Without a Florida Will or Florida Revocable Trust, you risk having your assets pass at death to family members instead of your same sex partner. A Florida Revocable Trust will also keep your affairs private because it will avoid probate, unlike a Will, which becomes part of the public record.

Florida Advanced Health-Care Directive: This document appoints an agent, your same sex partner, to make medical decisions on your behalf should you become incapacitated. The Florida documents also provide for visitation, which can be denied unless you're a spouse or family member, in a hospital. In addition, your Florida same sex partner will be empowered under the Health Insurance Portability and Accountability Act to obtain medical information about you.

Florida Durable Power of Attorney for Finances: This document designates your Florida same sex partner as your attorney-in-fact to make financial decisions on your behalf if you are unable.

Florida Domestic Partner Agreement: This document is a living-together or property-sharing agreement. It will spell out each partners responsibilities and which partner gets what in the event of a split or death.

Beneficiaries: Be sure to review your beneficiary designations on retirement accounts, stock options, life insurance and any other assets. You can designate your partner as the beneficiary upon death. Because Florida law does not recognize same sex marriages and relationships it is important to put everything in writing in order to protect your legal rights.

SAME-SEX MARRIAGE BENEFITS

Marriage can provide significant tax advantages for LGBTQ couples, such as the ability to file joint tax returns and benefit from the unlimited marital deduction for estate taxes. 

Without a will, unmarried partners risk receiving no inheritance, as intestacy rules do not recognize them. It’s crucial for such partners to engage in proactive estate planning.

Legal documentation is essential for recognizing children from LGBTQ families, particularly those born through surrogacy or adoption, within estate plans .