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In reality, it is so early in the process and so many things are still getting worked out in light of the Supreme Court decision, that most gay and lesbian couples are taking a wait and see approach to estate planning right now.
I am not exactly sure how that is all going to play out, I have not heard much from my gay and lesbian clients, other than that they are really happy now that they are married and everything is great.
It seems to be a little more complicated, and many still want separate trusts, whether it is because society has put that on them, but they want to go ahead and do a combined estate plan now that they are married and do things like marital property agreements that straight clients do.
I am waiting to see how this whole thing plays out; I have not read too much from the so-called “legal experts” as to how this will affect the gay and lesbian community in terms of estate planning.
I have not had a lot of gay and lesbian married couples come to me who were not already clients, who want to change their current estate plans; one thing I note about gay and lesbian couples is that they seem to acquire more assets, whether it is because most do not have children or they are more committed to their financial situations than unmarried people, but those in relationships seem to have a lot more assets.
I have not heard much about changing things, so I think this will be something that will develop over time. If you are a single person and you have a house, investments, bank accounts and other assets and you do not have an estate plan, then your closest relative will receive your assets whether you like it or not.
If you are okay with how that will go, then by all means do not do an estate plan.
Patrick and a former member of UNICO, where he received the Presidential Service Award for his efforts. are proud members of The Greater Scranton Chamber of Commerce and The Pike County Chamber of Commerce. Each month, Metro Action presents the Small Business Spotlight Award, sponsored by First Liberty Bank and Trust, recognizing a small business for their contributions to the local community.
Attorney Kosierowski is a member of the Milford Matamoras Rotary Club, treasurer of the Milford Matamoras Rotary and coaches for the Abington Little League. For more information, contact Chuff and Kosierowski, P.
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