Domestic Partner Estate Planning

Being in a Domestic Partnership presents specialized challenges for Estate Planning. Married couples have certain legal presumptions that make it easier to pass property from one spouse to another upon death, as well as the benefit of a more advantageous tax treatment.

While you can largely contract around the property transfer presumptions, the tax implications are at the moment, unavoidable. A well-drafted Will and Beneficiary Deed or Trust, and a specially-planned asset management strategy can help transfer property between you and your partner when one of you passes with very little effort. However, always make sure to consult with a tax professional regarding the tax implications of your Estate Plan.

Domestic Partnership rights are generally expanding in many states and this area of law is constantly evolving. As a result it is even more crucial to review your Estate Plan on a regular basis. You never know what state and/or federal law may change that applies to your particular situation.

If you would like to contact Owens & Perkins regarding Domestic Partner Estate Planning services, click here.