Certain issues, while not unique to same-sex couples, are more frequently encountered than when planning with straight couples. One such reoccurring issue is concern over future incapacity, as many same-sex couples do not have children and may have fewer people to turn to in the event of illness or incapacity. Understanding one’s options well in advance of a crisis, whether it means naming a friend, professional fiduciary or corporate trustee to serve in this role, can be a source of great comfort. This advocate might be named as an agent under a financial power of attorney, a health care directive or as a successor trustee. For many, the concept of a corporate trustee may sound less appealing than a friend or family member, yet in the right circumstances, corporate trustees can prove to be a valuable partner not just in terms of providing administrative services, such as managing assets, but also through its objective execution of the estate plan’s objectives.
Giving With Purpose
As political and social causes take center stage for those in the LGBTQ community, many individuals and couples have become highly focused on charitable giving to organizations that are fighting for community causes. Proper estate planning can provide tools to structure these gifts in a variety of tax-efficient ways, whether in the form of outright contributions to charities or donor advised funds, through the use of charitable trusts or by the creation of private foundations. Importantly, for same-sex couples who are struggling with the direction of the new administration, this process can also be extremely empowering.
By focusing on areas that our clients can control and where they can be impactful with their dollars and their time, we can offer a sense of peace in these deeply uncertain times. As trusted advisors to our clients, there can be no higher objective.
Rachel Brasso, a senior wealth manager and fiduciary specialist at BNY Mellon Wealth Management, assisted with background materials and the development of this article. BNY Mellon Wealth Management has been recognized by the Human Rights Campaign Foundation’s Corporate Equality Index national benchmarking survey.
M. Brooke Wilson, who is certified by the State Bar of California Board of Legal Specialization as a Specialist in Estate Planning, Trust and Probate Law, is a partner at the law firm Wendel, Rosen, Black & Dean LLP. She may be reached at (510) 834-6600 or [email protected].