It is an unfortunate fact of life that same sex couples do not have the same rights as opposite sex couples – even here in Massachusetts. Many states have outlawed same-sex marriage and any and all protections for same-sex couples. So what are they to do?
There are ways to get around some issues, but not all.
All same-sex committed couples should execute a will, durable power of attorney and a health care proxy. This is true for all couples but for same sex couples, there are no default laws in some cases to protect them – opposite couples have those protections built into the law.
Having a will, durable power of attorney and a health care proxy, would’ve helped the following situation. It wouldn’t heal the emotional scars but it would’ve allowed the surviving partner to care for Tom, to bury him, and to share in their life together without being afraid of Tom’s family.
First, there’s a difference between the Federal Estate Tax and the Massachusetts Estate Tax. They’re related but very different.
The Federal Estate Tax for this year applies only to those individuals with assets worth over $5 Million and is taxed at a 35% rate. The Massachusetts Estate Tax applies to individuals with assets worth over $1 Million and the tax rate varies. If a person is subject to both the Federal and State tax, then their marginal estate tax rate could be 45% or more. However, for most individuals who have assets between $1M and $5M, then the tax rate hovers anywhere from 0% to 20%.
Here’s the situation: you drew up a will and then sometime later, you get married. Does the act of marriage, invalidate or revoke the will made previously?
In the past, the answer would be ‘yes’. Many articles and posts online will probably say so. However, in 2009, Massachusetts adopted the Uniform Probate Code which brought the state in line with other states who adopted the same set of laws. The 2009 adoption provided that starting in July 1, 2011, a marriage will no longer invalidate a previously made will. However, due to budgetary restrictions, the court and the legislature decided to postpone the implementation of the new law until January 2, 2012
So in short, starting January 2, 2012, a Will made will always be valid.
A Power of Attorney has the authority to handle your property and finances. They are also able to sign for you while you are still living. However, when you pass away, this power also ends. On the other hand, an executor for your Will has the authority to handle your property and finances after you have passed…
One reason why one would want to discuss their estate planning with their children is if they are going to name one of them as their executor. A child should know of your plans to appoint them. You may also want to discuss executor plans if you are having a difficult time deciding who to choose as…
Sometimes you might not trust any family members or friends to be the executor of your estate. When this occurs, you have the option of appointing a bank as executor of the estate to make sure that your wishes are fulfilled. Banks are good executors because they are neutral to the will, they understand the law, and…
Although it may sound strange that someone would want to turn down an inheritance, there are situations where it may be wise to not accept the inheritance. It is possible to turn down an inheritance by filing a disclaimer. A disclaimer is the refusal to accept an inheritance. The disclaimer must be in writing and submitted to the…
Usually when the first parent passes away, that parent will not have a say in who will be in charge of raising the child. In most cases, the surviving parent will take custody. Exceptions to this would be if the parent has a history of abuse, if the parent doesn’t want custody of the child,…
Yes, it is important to update, or at least have your estate planning attorney review your will once a spouse passes away in order to make sure that your assets do not end up going to an unintended beneficiary. Usually people leave the majority of their assets to their surviving spouse. Therefore, you will want…
