Tuesday, June 4, 2013
From ABA Now:
Same-sex couples who marry or join in civil unions face unique challenges to determine whether their partner qualifies as a beneficiary of their trusts, and attorneys must often navigate complex or unclear laws to guide their clients appropriately.
“State law is key on this issue,” said Ray Prather, an attorney at Prather Ebner LLP. In general, the Internal Revenue Service defines a trust as a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. Trusts are often used to pass monetary benefits to a spouse through a third party. However, state laws vary on whether same-sex partners who are married qualify as spouses.
Read more here.