In light of the recent Supreme Court decision in United States v. Windsor in which a same sex marriage was upheld to allow for the marital estate tax deduction, many of your plans need to be revisited EVEN IF you are not in a same sex marriage.
Let’s assume that your children have long time opposite sex marriages and have children who are in opposite sex relationships. For the most part you have never considered the impact of a same sex marriage but now you should. If, for any reason, those marriages terminate and a child or grandchild enters into a same sex marriage you need to determine whether, IF YOU HAVE ALREADY PROVIDED FOR SPOUSES, whether you would want the same sex spouse to inherit as the same as an opposite sex spouse. These questions are new to many of us and you need to carefully look at your documents to determine what you want your decision to be.
Advice: Many times clients do not want spouses included in the estate plan but if they do the definition of spouse may need to be updated.
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