![]() The same is true for any children that are not natural heirs, which is sometimes the case for same-sex parents. If you’re unmarried, your assets would likely not go to your partner without a well-defined estate plan. This is important because, unlike wills that can be successfully challenged, trusts cannot be contested by others, including family members who are antagonistic towards your lifestyle choices.Įstate Planning: Passing away without an estate plan could result in inadvertently leaving money to the wrong people. Revocable trusts can be flexible, allowing them to be changed while someone is alive and becoming irrevocable upon death. This helps keep your estate private from nosy friends and neighbors and can also help minimize offending other family members. Unlike wills, revocable trusts are not in the public domain. Utilizing Trusts: A revocable living trust is a useful planning vehicle, especially for LGBTQ families. Having a healthcare power of attorney requires them to respect your wishes. Unfortunately, people encounter unscrupulous doctors or hospital staff who decide not to recognize their marriage due to discrimination. While this is technically only necessary for unmarried individuals, it is a good practice for all couples. Healthcare Power of Attorney: It’s important to have a healthcare power of attorney, which gives your partner the power to make healthcare decisions on your behalf. Insurance often does not cover most of these costs, so planning should begin years in advance to develop a sufficient cash cushion. It's important for a client to reach out to their HR department at work to determine what type of benefits are offered for this process. Gay men who want a biological child may experience even higher costs, possibly well into the six-figure range. The fertility process for biological children may be far more expensive, with procedures ranging from under $5,000 for Intrauterine Insemination (IUI) up to $40,000 or more for in vitro fertilization (IVF). The least expensive option for LGBTQ folks to have a child is usually through the foster care system and adoption. This is particularly true for LGBTQ clients, where the process itself may be more costly. Allowing your own benefit to accumulate to age 70 can result in a much larger payout during your retirement years.įamily Planning: Deciding to have kids always comes with high expenses. Claiming the spousal benefit may be sufficient for your cash flow needs, which may allow you to defer claiming your own earnings benefit. If eligible, Social Security will notify you of the benefit. Furthermore, the ex-spouse is not notified about such inquiries by the Social Security Administration. One does not have to be on good terms with their former spouse, nor does one even need to know the person’s social security number, to apply for these benefits. That stream of income can be important when planning for retirement. In that scenario, if they had been married for 10 years prior to divorcing then they may be eligible for Social Security spousal benefits. It is not rare for some to have been in a heterosexual relationship for a period of time. Spousal Benefits: There are some LGBTQ clients today who had different lifestyles earlier in their lives.
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