WHAT WE DO
Here is the story.
The IRS views married couples as a single economic unit. When the first spouse dies, no estate taxes are due. This is called the unlimited marital deduction. Fortunately, for those same-sex couples who live in a state where marriage is possible, this issue is less critical.
But without marriage, when one partner in a same-sex couple dies, 100% of their joint assets titled at JTWROS (Joint Tenants With Rights of Survivorship) get counted towards estate tax bills unless you can prove contribution. You need to take certain critical steps in advance. (This is why your financial needs are unique.) Your Christopher Street Financial advisor can help you to avoid these pitfalls.
Even if you do have a legally valid will, some relatives can still successfully contest same-sex partner’s inheritances. We’ve seen it all. Let the legal advisors associated with Christopher Street Financial show you how to avoid those traps.