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Three legacy planning concerns for aging LGBTQ couples

| Jun 8, 2021 | Estate Administration & Probate

LGBTQ couples who are planning for the future may feel uncomfortable with the concept of estate planning. However, planning for the future doesn’t have to feel scary. Following the tips you’re about to see could mean peace of mind in the future for you and your partner.

Developing an estate plan

Unfortunately, certain couples don’t think about planning their estate until it’s too late. To avoid this problematic situation, it’s wise to start taking care of estate planning now. In some cases, following the loss of a same-sex partner or spouse, certain surviving family members might try to doubt the validity of this relationship. By taking steps to properly manage your estate, you can ensure the people of your choosing get what you or your partner leaves behind.

Handling long-term care concerns

Another one of many important financial considerations is how you’ll manage you and your partner’s long-term medical care needs. Sometimes, older LGBTQ couples won’t have children to provide them with care as they age. To take care of this concern, it could be wise to open an insurance policy for long-term care. This kind of policy can help make it easier to manage the costs of medical care as two people age together.

Preventing elder financial abuse

There can also be problems that stem from certain LGBTQ adults dealing with strained relationships with some members of their respective families. Unfortunately, certain family members with bad intentions might try whatever it takes to get money from an elderly LGBTQ parent. To help prevent you or your partner from elder financial abuse, it could be beneficial to have a trusted contact store your important documents.

As you can see, it’s imperative for LGBTQ couples to properly manage their respective estates. However, estate planning isn’t always an easy matter to take care of. For help planning your estate, consider reaching out to an estate planning lawyer. By taking this step, you can begin planning the future of your estate and obtain the peace of mind you deserve.

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