In an interview for Consumers Digest, estate planning authority, Gary Altman spells out what gay couples need to understand about estate planning:
“It remains critically important for gay and lesbian couples to complete their estate plan,” says Altman. “That a state has made gay marriage legal has nothing to do with Federal estate taxes and may not have any impact on state estate and inheritance taxes. Moreover, the biggest concern for gay and lesbian couples may not be estate taxes, but may be making sure their partner is able to make medical and financial decisions for him/her and making sure that their partner (or other desired individuals or charities) receive their assets at death, and not a disgruntled family member.”