Now that marriage between members of the same sex is legal in New York all married couples enjoy the same benefits provided by the state of New York; but same-sex married couples are not allowed to take advantage of Federal benefits including IRS benefits afforded to heterosexual married couples because of the Federal Defense of Marriage Act (DOMA).
The best way to make sure your loved ones are properly cared for when you are gone is with a detailed estate plan. Through the use of trusts and payable on death accounts, a spouse can receive property from another spouse without going through probate and without unnecessary delay or litigation. A last will and testament is only one piece of an estate plan.
Detailed Estate Plan
All married couples should consider the following documents in their estate plan:
- Power of Attorney to assign the responsibilities of financial and legal affairs in case a person becomes incapacitated.
- Advance Health Directive to assign the responsibilities of making important health care decisions on behalf of another in the event s/he cannot make her/his own health care decisions.
- Trusts to hold assets and share or transfer ownership without regard to probate proceedings or the death of either spouse
Getting Legal Help
Working as a team with an estate planning attorney you can create plan which preserves assets, minimizes taxes and protects loved ones. Experienced New York Estate Planning Attorney Elga Goodman can help you understand your options for tax-saving and trust strategies.
Call us today at 973-841-5111.
Posted in: New York Estate Planning