Marriages
Unmarried couples living together have planning issues that are not faced by the married couple because of the tax preference given to a surviving spouse -- there is no estate tax on what is left to a spouse. All other heirs must contend with the estate tax imposed by the federal government as well as the state of Delaware (or Maryland). Although unmarried couples do not have the same tax advantages as married couples, they frequently have the same primary planning issue, that is, how to provide for the survivor before the ultimate disposition, usually to the deceased partner’s family or charity. Our firm also prepares property agreements for unmarried couples just in case the relationship goes awry.
Couples in the LGBTQIA+ community may also need to take additional steps to ensure that their intentions and directives are respected and met, particularly after they pass away. Also, any estate planning documents created prior to the 2015 U.S. Supreme Court ruling should be carefully reviewed.
Second marriages almost always present a planning challenge and almost always end with a unique resolution. The first big issue is whether the husband and wife want to treat all of their combined children equally or whether the husband will direct his half (or his estate) to his children and the wife’s half (or her estate) to her children. The second big issue is how to provide for each other during the survivor’s remaining life in a way that gives the survivor a modicum of control over the assets but at the same time make sure that these assets will ultimately go to the deceased spouse’s children. It is a balancing act that needs to be handled with sensitivity and understanding of each spouse’s perspective.
Couples in the LGBTQIA+ community may also need to take additional steps to ensure that their intentions and directives are respected and met, particularly after they pass away. Also, any estate planning documents created prior to the 2015 U.S. Supreme Court ruling should be carefully reviewed.
Second marriages almost always present a planning challenge and almost always end with a unique resolution. The first big issue is whether the husband and wife want to treat all of their combined children equally or whether the husband will direct his half (or his estate) to his children and the wife’s half (or her estate) to her children. The second big issue is how to provide for each other during the survivor’s remaining life in a way that gives the survivor a modicum of control over the assets but at the same time make sure that these assets will ultimately go to the deceased spouse’s children. It is a balancing act that needs to be handled with sensitivity and understanding of each spouse’s perspective.