Same-Sex Married Couples Essential Tax and Estate Planning, Same Sex couples need to take important steps to protect assets and assess other potential risks. Below is a partial list. Be sure to check with your advisors.
Same-Sex Married Couples
- Update all key legal documents to identify as a “spouse”
- Check beneficiary forms on all plans and IRAs – primary and contingent beneficiaries
- Check beneficiary forms for employer benefits, life insurance, annuities
- Update wills and trusts – check provisions for children – guardians
Have proper documents for end of life decisions
- Living Wills and Health Care Proxies
- HIPAA Authorizations – The Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy and Security Rules
Provides access to personal health information
Powers of Attorney should be updated
Beneficiary review is a must – and be sure to know what Per Stirpes and Per Capita mean
Spousal rollovers may be a better option for spouses who inherit after age 59 ½
Update online accounts
- financial websites
- email accounts
- social media accounts
- storage accounts such as those for documents, music or photos
Same-Sex Married Couples Essential Tax and Estate Planning
When you are ready to confirm you’re all set – consider giving us a call. Our team will help you and your spouse.
Call our toll-free line and mention this posting – 866-589-9366.
Read more about us at OnestaWealth.com