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February 20, 2012
Estate Planning for Unmarried Couples
According to the Census Bureau, the percentage of unmarried American households has increased by 24% in the last decade. Of the 115 million American households in 2010, 6% were ?unmarried,? and close to 90% of these unmarried individuals were heterosexual while the other 10% were homosexual. With the numbers of unmarried couples on the rise, estate planners need to acquaint themselves with estate and financial planning techniques for unmarried couples.
An unmarried couples? financial and estate wishes may not be followed if family disputes arise and a proper estate plan is not in place. The rules and strategies that apply to unmarried couples differ from jurisdiction to jurisdiction. One of the best ways an estate planner can begin learning the different rules that apply to unmarried couples is to make a side-by-side comparison of how basic estate planning techniques affect married couples and unmarried couples differently. For example, one of the most prioritized financial planning techniques used by married couples, Social Security survivor benefits, is not available to unmarried couples. ? ???
For more information on estate planning for unmarried couples, see Richard F. Stolz, Estate Planning for Unmarried Couples: What Financial Planners Need to Know, The Journal of Financial Planning (Feb. 2012).
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
February 20, 2012 in Current Events, Estate Planning - Generally | Permalink
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