This blog post continues from October 24 when we started to look at the 5th benefit of estate planning, addresses special circumstances.
Remember the other 4 of the 7 essential benefits of estate planning are;
(1) protects assets
(2) saves money
(3) creates a legacy
(4) distributes wealth.
Today we continue to discuss how estate planning addresses special circumstances. In the case of Linwood and Jordan who are same sex partners, they have to address their property interests through advance planning. If either Linwood or Jordan died without a will, no property would go to the other unless there was joint ownership, a trust or beneficiary designation with the partner's name. There would have to be planning to minimize the inheritance tax since the 0 rate would not apply to unmarried individuals.
What about their son, Julian? We will discuss his special circumstances tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
Today we continue to discuss how estate planning addresses special circumstances. In the case of Linwood and Jordan who are same sex partners, they have to address their property interests through advance planning. If either Linwood or Jordan died without a will, no property would go to the other unless there was joint ownership, a trust or beneficiary designation with the partner's name. There would have to be planning to minimize the inheritance tax since the 0 rate would not apply to unmarried individuals.
What about their son, Julian? We will discuss his special circumstances tomorrow. Leave your comments here or contact us at http://www.ythlaw.com/
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