Alicia Dare, MBA, CFP(TM) is a Financial Advisor who holds the Accredited Domestic Partnership AdvisorSM Designation with Wells Fargo Advisors, LLC, in Fort Worth, Texas. She seeks to address the unique financial challenges that same-gender partners face. She has just celebrated her 10th wedding anniversary with her wife, Deb. You can reach Alicia at alicia.dare@wellsfargoadvisors.com and www.wfadvisors.com/alicia.dare.
The mark you leave on the world should reflect not only your wealth, but also your values and your view of the future.
There are two key principles LGBT individuals and couples should remember about estate planning: First, you must be proactive and create a written plan to protect yourself. Second, you must be specific about who gets what and who is in charge. Because of wide variations in state law, you cannot count on the applicability of “default” rules that are designed for those who fail to plan and distribute property based on relationships (for example, to a “spouse” or “child”). However, even in states that do not recognize same-gender marriages, domestic partnerships or civil unions, you have the right to leave assets to any person you choose.
