Now that a majority of states have had LGBT marriage legalized through the legislature or the courts these couples are enjoying new legal entitlements. The marital deduction will now be available from the IRS as well as estate tax exclusions for inheritance between spouses. Retirement plans will also be effected as a 401(k) require that the spouse be the sole alternative beneficiary and IRA’s will be allowed to roll over into the other spouses IRA after death. However, couples should still take the time to create a will that expressly sets out inheritance plans to solidify the rights for the other person in the relationship.
See Holly Hanson, Estate Planning Advice For LGBT Couples, Forbes, June 10, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
