Same-sex relationships are common in the State of California. Estate planning for a modern family can be complicated, especially if children from a previous relationship are involved.
Did you know that in California, a same-sex married couple can file state tax returns either as married filing separately or married filing jointly? Tax laws are constantly changing, however.
Estate planning is important for same-sex couples because the assets may not automatically pass on to the domestic partner unless specifically expressed in a legal document.
If you are part of a same-sex couple, contact an experienced Riverside Estate Planning attorney to determine the best option for your financial situation and goals.
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Creating an estate plan for a newly married couple depends on several factors which include if this is the first marriage for one or both of you, assets brought into the marriage, children from a previous marriage and if you have written a prenuptial agreement.
A young couple married for the first time with no children and little assets should at least start off with a Will. Later on they can create an Advance Health Care Directive and appoint a Financial Power of Attorney.
Once your family grows along with your assets, your Will should be revised and discussed further. If you are newly married, just starting out, but want to tie up any loose ends, contact an experienced Riverside Estate Planning attorney who will make sure all of your wishes and needs are met down the road.
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I have been asked if an Estate Plan ever has to be changed once it is written. The Plan should be reviewed and changed for reasons that include a marriage, a divorce or a separation. You should review your Plan if a birth or death occurs in your family. Other reasons include changes in health, assets or net worth.
If you have questions regarding creating an Estate Plan or making changes to an existing one, a qualified Estate-Planning attorney can advise you how to structure one and make sure it is implemented according to your wishes. Failure to properly draft or execute changes can cause significant problems for your family after your death.
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