… Financial and estate planning is especially important for LGBT parents who adopt ….
Having or adopting a child changes everything. Those words really hit home when same-sex couples seek adoption in a mix of state and federal laws.
With state laws varied on the matter and federal laws as yet unchanged, same-sex adoption is far from settled.
In the meantime, same-sex couples need to define their “families” from the laws as they are. The Wall Street Journal recently provided some insight in an article titled “For Same-Sex Couples, the Finances Get Even More Complicated.” Essentially, fundamental financial and estate planning is not optional for same-sex couples.
According to the article, some 2 million to 2.8 million children are being reared in same-sex households. Now, more than ever, same-sex couples must ensure that their wills, trusts, powers of attorney and health care directives are ship-shape. In the context of adoption, this means making proper provision for the guardians of an adopted minor child. And there is a lot of need.
The lesson: same-sex couples seeking to adopt a child need to make sure all of their financial and legal plans are in place. For many, this may mean a commitment to life insurance or to a carefully-drafted estate plan. Seek appropriate counsel for assistance in this important matter.
Reference: The Wall Street Journal (February 24, 2013) “For Same-Sex Couples, the Finances Get Even More Complicated”