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    Kinghorn Heritage Law Group, PLC

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    Home / Resources / Frequently asked questions / LGBTQ Estate Planning Frequently Asked Questions

    LGBTQ Estate Planning Frequently Asked Questions

      • Does marriage, domestic partnership or civil union provide all the benefits of marriage?

      • No. These various relationships affect state law rights and responsibilities only in the states which recognize them. Only marriage is respected by the federal government.

      • I’m married, why do I need to plan?

      • There are many important reasons to create an estate plan, such as avoiding probate, minimizing taxes and providing creditor and divorce protection for beneficiaries.

      • Can my spouse or partner handle my financial affairs if I am incapacitated?

      • No, you have to do estate planning in order to allow your spouse or partner to have that authority. Specifically, by designating your spouse or partner as agent under a General Durable (Financial) Power of Attorney, he or she can make decisions on your behalf regarding financial matters.

      • Can my spouse or partner make medical decisions for me if I’m sick?

      • If you are in a marriage, registered domestic partnership, or civil union, recognized by the state in which you live, your spouse or partner can make those decisions for you. If you are not in a registered relationship, or that relationship is not recognized by your state, then state law would recognize your family of origin to make those decisions. However, you can override state law and give your spouse or partner the authority to make such decisions by signing a Health Care Power of Attorney. With such a document, when you are unable to make your own medical decisions, your spouse or partner can step in and speak for you. Further, this document will designate your spouse or partner as your choice to be guardian for you if one needs to be appointed. Without such a designation, your family of origin may have priority for such an appointment.

      • How can I be sure that I will be allowed to visit my spouse or partner in the hospital or assisted living facility?

      • If you are married or in a state that recognizes civil unions or domestic partnerships and you register as such, proof of such registration would be sufficient. Otherwise, you would need to have your spouse or partner designate you as agent under their Health Care Power of Attorney. The agent also can limit other visitors.

      • Can I make decisions about my spouse or partner’s remains?

      • Yes, if you are married or in a registered relationship and in a state which recognizes that relationship. However, if you’re either, i) not married or in a registered relationship, or ii) you are in a state which does not recognize that registered relationship, then default state law allows your partner’s family of origin rather than you to make those decisions. However, if your spouse or partner designates you as agent under their Health Care Power of Attorney, then you would be able to make such decisions.

      • Will my spouse or partner be appointed guardian of my minor child?

      • Unless your spouse or partner has adopted your minor children, a court would decide what would be in the child’s best interest. Typically, your family of origin and that of the child’s other biological parent are given preference by the court. However, in your last Will, you can nominate your spouse or partner to be the guardian for your minor child. The court will then give weight to your suggestion while weighing what is in the child’s best interest.

      • Is there a tax if I give some of my property to my spouse or partner?

      • Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In addition, anyone can make a gift to any other person, called the Annual Gift Tax Exclusion, without gift tax and without reducing his or her estate tax exclusion.

      • Are my estate planning documents a matter of public record?

      • Only your Will is a matter of public record. Your Revocable Living Trust and your Powers of Attorney are not public. Therefore, by using a Revocable Living Trust you can maintain the privacy of your wishes. Prying eyes of co-workers and neighbors will not have access to the details of your estate plan.

      • Do unmarried couples have to plan more than married couples do?

      • Yes. The default in state law, called “intestacy,” is designed with married couples in mind. If a married couple dies without any estate plan, the survivor will get a good portion of the assets left behind. However, if you’ve not married, or you are in a state that does not recognize domestic partnership or civil union, your survivor would get nothing. Instead, the family of origin of the partner who died would get anything in that partner’s name, including bank accounts, real estate, etc.

      • Is a Living Trust a good idea for a LGBTQ person?

      • Yes. If you’re part of the Lesbian, Gay, Bisexual, and Transgender community, a Living Trust offers protection for your estate, as well. It will completely eliminate a living probate, a death probate, and you can minimize or eliminate estate taxes. Further, it provides privacy from prying eyes.

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    In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

    Gary and Velma T. Client Review September 8, 2020

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    Robert and JoAnn H. Client Review September 8, 2020

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    We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

    M.D. Client Reveiw September 8, 2020

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    What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

    Eileen E. Client Review September 8, 2020

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    Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

    Ken and Cheryl V. Client Review September 8, 2020

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    Very satisfied with your company and staff.

    Robert and Britt O. Client Review September 8, 2020

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    When most people think of the help that the federal government provides in achieving financial security during retirement, they think of Social Security. While it is true that Social Security provides important retirement benefits for seniors, administering and providing for these benefits isn't the only thing that the government does to help you afford life after you can no longer work. There are many different accounts which have been created which provide you with tax breaks for investing; and each of these accounts has the effect of the government subsidizing your retirement savings. You need to know how to take advantage of tax breaks for investing so you can use the help the government is giving you for retirement and so you can put your money to work wisely to achieve financial security. Kinghorn Law can help. Our legal team will work hard to assist you in understanding accounts that provide tax benefits, such as IRAs. We also offer assistance with all other aspects of retirement planning to people of all ages. Give us a call at (520) 529-4000 to discover more about the retirement planning services that a Tucson retirement planning lawyer can provide. In addition to personalized advice, we also offer answers to questions you have about IRAs and retirement planning including:
    • When (and how) can I make a good retirement plan?
    • How does an IRA fit into a solid retirement plan?
    • How can a Tucson retirement planning lawyer help me?

    When (and How) Can You Make a Good Retirement Plan? 

    The best time to make a plan for retirement is the day you start working. If you begin investing from day one, you are going to be able to grow a nest egg by setting aside much smaller amounts of money over a longer period of time. Compound interest and the magic of sustained investing over many years will make it possible for you to retire wealthy, even if you do not make a fortune over the course of your career. You may even be able to retire early with enough money that you will enjoy financial security during your golden years. If your career is already underway or you are getting older, the best time to make a retirement plan is right now. You don't want to wait another day to begin making smart investment choices. There is an opportunity cost to not investing for retirement, and you can stop incurring this cost and get on the path to financial security if you work with an experienced attorney today to make your retirement plans. Starting now to make retirement plans is also important because one of the best things that you can do to save for retirement is to take advantage of tax breaks that the government provides for saving.  The tax advantaged accounts that you can invest in have annual contribution limits. For each year that you miss a contribution, you've given up the chance to have the government subsidize your retirement savings. If you are ready to start taking advantage of tax breaks for retirement and making the magic of compound interest work for you, you can get started by contacting Kinghorn Law. We will help you to set goals and get on the path towards saving enough for retirement security. 

    How Does an IRA Fit into a Solid Retirement Plan? 

    One of the smartest ways to jumpstart your savings for retirement is to take advantage of investing in an IRA.  Regardless of your income, you can invest in an IRA and get tax breaks if neither you nor your spouse have a workplace retirement plan. You may also be able to invest in an IRA and get tax breaks even if one or both of you have workplace retirement plans, provided your income does not exceed maximum limits for single individuals or married couples.  Simple and Self-Employment IRAs also make investing in an IRA possible for business owners and the self -employed, even for those with higher incomes. Because IRA investing allows you to invest money with pre-tax funds, the government's subsidization of your retirement savings is equal to whatever your tax bracket is. If you are in the 33 percent tax bracket, for example, then the government  essentially gives you 33 percent off of the money being put into your IRA. This makes it easier to save. 

    How can a Tucson Retirement Planning Lawyer Help Me? 

    Kinghorn Law can help you to understand how IRAs can fit into your retirement plan and can provide assistance with all aspects of making a comprehensive retirement plan. Give us a call at (520) 529-4000 or contact us online to talk with a Tucson retirement planning lawyer about how we can help you.

    Chandler V. Client Review September 8, 2020

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    Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

    Rich D. Client Review September 8, 2020

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