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Medicaid, the other may continue living in their home without impacting Medicaid eligibility. However, if an LGBT couple owns a home and one applies for Medicaid, the other must buy out the sick partner's share in order to remain in their home.
• • Heterosexual married couples can transfer unlimited assets to each other without paying federal estate taxes. Everyone else, including married same-sex couples, must pay taxes on estates that exceed $5.12 million.
• • Despite last year's repeal of "Don't Ask, Don't Tell," veteran's benefits based on marital status remain unavailable to same-sex military spouses including: military hospital visitation rights; survivor benefits; increased compensation to spouses of disabled veterans; Veterans Administration Home Loan eligibility for surviving spouses; and burial together in military cemeteries.
• "The most important takeaway is that you can't take planning for granted," says Kollaja. "It's critical to establish your wishes through proper documentation."
• He offers these tips:
• • Inventory all your assets and make sure everything is clearly titled and registered with the county.
• • Make sure your will, trust, durable power of attorney and other legal documents spell out how you want your assets distributed and whom you want to make your medical and financial decisions; otherwise the courts may designate someone instead.
• • Designate the proper beneficiaries for all insurance policies, retirement plans and investment accounts.
• • Buy adequate health, property and casualty insurance. If you're married or in a registered domestic partnership, you could be held liable for your partner's accident.
• • Because many mutual retirement benefits are not available to GLBT couples, plan your retirement for two single people. Having your own long-term care insurance is particularly important.
• "Bottom line, make sure you have a trust or living will," says Kollaja. "Otherwise, you'll be subject to the state's probate laws, which could determine very different outcomes than what you would have wished."
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• Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.