Founder of The Elder & Disability Law Firm, Victoria L. Collier, on Same-Sex Tax Planning.
Certified Elder Care Attorney, Victoria Collier, addresses the fact that Trump has no plans to overturn Supreme Court decision regarding same-sex marriage and encourages tax and estate planning for same-sex couples.
Decatur, GA, November 17, 2016: Victoria L. Collier, founder of The Elder & Disability Law Firm, has posted a new article on her law firm’s website entitled “Same-Sex Estate Planning Presumed Safe Under New Presidency.” According to Ms. Colliers, “At first there was a bit of concern about how Trump, now President would address same-sex marriage.” She continues adding, “While Vice President Pence is adamantly opposed to same sex marriage, Trump recently announced publicly on CBS news that he is not going to take any measures to undo the Supreme Court Ruling.”(http://www.cbsnews.com/news/trump-promises-pro-life-justices-supreme-court-same-sex-marriage/)
Collier states, ”This is great news since estate planning is different for single vs. married couples.”
“Were Trump to overturn the Supreme Court Ruling,” says Collier, “same sex families would be in a quandary.” She elaborates, “For instance spouses and children in same-sex families might not be eligible for federal health care or company health insurance provided by their spouse’s plan. And, same-sex married couples would have to pay federal inheritance tax if one spouse left money to the other.”
Collier writes, “Since it does unlikely that the Supreme Court Ruling in favor of same-sex marriages would be overturned, I’m going to focus on the positive aspects and benefits of estate planning for same-sex couples.”
“As it stands,” says Collier, “same-sex and opposite-sex married couples are allowed the same tax benefits on both the federal and state level, so there is no longer a need to draft estate planning documents differently for same-sex couples.” She adds, “If a will was executed before Obergefell makes no difference. The applicable law is the law at the testator’s death, and pursuant to the Supreme Court’s decision, states are obliged to recognize same-sex marriage.”
According to Collier, “Besides the unlimited marital deduction, a surviving spouse in a same-sex marriage is entitled to the portability provision under federal estate and gift tax law.”
The entire article can be read at LINK HERE
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. At The Elder & Disability Law Firm of Victoria L. Collier, P.C. WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Elder & Disability Law Firm
The Elder & Disability Law Firm was established to serve the legal needs of senior citizens when their healthcare needs increase. The Firm focuses its entire practice on Elder Law and Estate Planning matters, which encompasses the areas of Asset Protection, Medicaid Planning, VA Benefits planning, Estate and Special Needs Planning. Victoria Collier has grown her law practice through her personable nature and good management skills.