Benefits Of Estate Planning For Same-Sex Couples

On Behalf of | Jul 7, 2016 | Estate Planning

Marriage is generally considered a key to creating wealth. However, for same-sex couples, having the ability to marry has not yet translated into wealth generation.

Same-sex couples face a variety of financial challenges that other couples statistically do not. From income difference to differences in savings patterns, the reality is that many same-sex couples are facing a variety of challenges that may be preventing them from growing wealth the way married heterosexual couples have historically.

An Effective Estate Plan Can Help Minimize The Difficulties You Face

For same-sex couples, having an effective estate plan in place can help you take greater control of your financial future. If you can effectively manage the money you have and make sure that it will be there to help you or your spouse in the future, you can begin to overcome the challenges you face.

There is a wide range of issues that a sound estate plan can help you with, including:

  • Controlling inheritance
  • Avoiding excess tax burdens
  • Naming a potential guardian for your children

Overcoming Delayed Financial Growth Through Sound Estate Planning

While many same-sex couples face issues such as lower incomes than their heterosexual counterparts and many may have delayed effective retirement planning, working with an experienced estate planning attorney can help you understand what can be done to maximize the benefit your finances can provide in the future.

As a same-sex couple, you may be facing a set of challenges that is different than for heterosexual couples. Working with an estate planning attorney who is familiar with the issues LGBT couples face can help you overcome and compensate for a number of different challenges you and your spouse may face as you age.