Update existing documents
Before the most recent Supreme Court ruling, couples often drew up power of attorney documents and health care directives in case, for example, they needed to make medical decisions for a spouse in a state that did not recognize their marriage. All couples should still have power of attorney documents and health care directives to address health care and financial concerns, but consult your CPA or attorney about updating existing documents as needed.
Protect your legacy
It’s very important to write a will. It creates fewer complications for your loved ones when you die and helps ensure that your wishes are carried out. This may become even more important if a couple has children. A will helps ensure that your children are cared for according to your wishes and your loved ones receive their intended legacy.
Your Local CPA can help
Court decisions do not remove the financial planning challenges for same-sex couples. While many common sense financial planning practices may apply to any family, a total of 53 percent of couples surveyed after the Supreme Court ruling reported there were still open issues in the family’s finances due to their status as a same-sex couple, according to a UBS poll. The Supreme Court rulings were cause for celebration for same-sex couples, but if you’re not sure how to address the financial impact they may have, be sure to check with your local CPA. He or she can offer advice customized for your family’s needs.
(Visit www.picpa.org/moneyandlife to find a CPA using the free CPA locator tool and find other helpful articles and videos on how to manage your finances.)
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