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Tag: LGBT Estate Planning

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Estate Planning for LGBT Married Couples

Posted on Tue Nov 29, 2016, on LGBT Estate Planning

Our “Ask a Question” mailbag addresses Estate Planning for LGBT Married Couples.

“Right after the legalization of gay marriage my husband and I married in Pennsylvania. Since then, we have not updated any documents. Given the outcome of the Presidential election, we feel like we need to get things done. What is Estate Planning for LGBT Married Couples?”

Klenk Law

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LGBT Estate Planning After Trump

Posted on Sat Nov 12, 2016, on LGBT Estate Planning

Our “Ask a Question” mailbag addresses LGBT Estate Planning for Married Couples after President Trump’s election.

My wife and I are a same-sex married couple. We married in New Jersey and now live in Pennsylvania. Trump’s election makes us nervous, we are afraid that he may strip away some of our married couple rights. What estate planning documents should we sign to make sure that we have the right to make medical decisions for each other should one of us get sick?”

Klenk Law

How do I make sure there is an inheritance leftover for family once my partner dies?

Posted on Wed Oct 14, 2015, on LGBT Estate Planning

From our “Ask a Question” mailbag: I want to leave my long time partner my house. However, at his death I want it sold so the money can pass to my nieces. How can I make sure this happens?

This is a common issue with gay and lesbian couples. Often, one partner owns the house and—though they want their partner to be able to live in the house until the partner’s death — there is a concern about putting the house into the surviving partner’s name.

Klenk Law

Pennsylvania LGBT Estate Planning to Preserve Benefits

Posted on Fri Sep 25, 2015, on LGBT Estate Planning

From our “Ask a Question” mailbag: My partner and I have been together for over 25 years. Marriage would be nice, but I have the most money and his family has a history of long life. I worry that if I die and I give him everything, he may outlive those funds.

“Veteran” lesbian and gay couples cannot be blamed for hesitating to tie the knot. After years of planning for retirement as two single people, getting married late in life can throw a curveball into the financial and estate planning game. Getting married changes your tax status and eligibility for various government benefits. So, like any other huge life decision, marriage should be examined with an eye for retirement and asset protection efficiencies.

Klenk Law

LGBT Revocable Trust and Probate Concerns in Bucks County

Posted on Tue Jun 9, 2015, on LGBT Estate Planning

From our “Ask a Question” mailbag: In preparation for my upcoming death, I have formed a Revocable Living Trust to make easier the transfer of my assets to my partner. I wish to avoid probate in Bucks County, Pennsylvania. I do have some legal claims against people who owe me money that may not be resolved before my death. Do I need a will?

If properly formed and funded with all of your assets that would otherwise be probate assets, your thoughtfully planned Revocable Living Trust can avoid probate in Bucks County. However, if you have a legal claim at your death, that claim must be pursued by your Executor. Although it is possible to transfer your claim into the Revocable Trust, this is often problematic.

Klenk Law

Is Long Term Care Insurance a good idea for LGBT couples?

Posted on Wed May 20, 2015, on LGBT Estate Planning

From our “Ask a Question” mailbag: I am in a long-term, same-sex relationship with my partner. She happens to be much older than I, and I am concerned about the expenses of caring for her as she gets older. Would Long Term Care Insurance be a good option?

I have had clients use Long Term Health Insurance as a useful tool in their estate plan. Clients typically get the best use from this tool when they thoughtfully look ahead to the potential expenses of old age and work closely with their financial advisors. Specifically, I ask clients to examine whether their savings for retirement are adequate to address the costs of an unexpected, serious health problem.

Klenk Law

Power of Attorney Issues in New Jersey LGBT Estate Planning

Posted on Wed Feb 11, 2015, on LGBT Estate Planning

I am a New Jersey resident. Now that I have married my partner, I would like to give her a General Durable Power of Attorney, but am concerned about surrendering so much power over my assets. I have heard stories about spouses abusing Powers of Attorney. How can I protect myself?

A general, durable power of attorney is a key part of any estate plan. A Will covers what happens to your assets if you have died, but the durable power of attorney is meant to cover the time when you are alive yet unable to handle your own financial affairs. The problem that exists, and of which you speak, is that if you give your Agent the power of attorney document, they have the power to withdraw from your bank accounts, sell real estate and gather your tax information.

Klenk Law

What Our clients are saying

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Bill

I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.

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A.R.

Peter and his associates made things easy for us.

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Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

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Dylan Small

Peter provided outstanding advice and preparation of a will and trusts.

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Qiana Wright

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