Statutory Protections In Estate Planning Now Available To Surviving Spouses Of Same-Sex Marriages
Now that the institution of marriage has been sanctioned for same-sex couples, estate planning options and benefits that have not been available before can now be utilized to protect and provide for spouses in same-sex marriages.
Surviving spouses have always been provided certain statutory rights to a deceased spouse’s estate so that they are not completely disinherited. A surviving spouse is entitled to a “family allowance,” usually the first $40,000 of the deceased spouse’s estate. The surviving spouse is also entitled to the first two automobiles of the deceased spouse, unless specifically bequeathed to someone else. The surviving spouse may live in the marital residence rent-free for one year. The surviving spouse has the option to purchase the marital residence. The surviving spouse can elect to take against the will. These are just some of the statutory protections now available to surviving spouses of same-sex marriages.
Although Ohio no longer has an estate tax, the federal estate (or inheritance) tax exists. Surviving spouses have always been able to utilize the federal estate tax credit … Read More... “Estate Planning Tips for Same-Sex Couples”