Legally, you're considered strangers, so the wisest course of action is to put everything in writing. Unmarried heterosexual couples should follow the same advice.
Surprising a spouse with a new car or an extravagant piece of jewelry is an expensive way to express affection, but at least there aren't tax results. But gay couples, formally should file a gift tax return, because gifts worth more than $12,000 come with tax results.
Even though domestic partnerships or civil unions are recognized by some states and gay marriage is allowed in Massachusetts, same-sex couples need to keep in mind that they remain strangers in the eyes of the federal government. In fact, one financial planner points out that there are about 1,049 federal laws that benefit those allowed to take an official trip down the aisle.
So, any rights you would like to have as a married couple, you need to re-create in a legal document.
And that all will require a lot of paper. Some of the documents needed and the terminology will differ from state to state. A basic list that same-sex partners should have is the following:
Wills and/or revocable living trusts and pour-over wills: You risk having your assets pass to family members instead of your partner without a will or revocable trust. It also gives you an opportunity to name a guardian for minor children. A revocable living trust is considered more difficult to argue. It keeps your affairs private because it avoids probate, unlike a will, which becomes part of the public record. A living trust should be used with a pour-over will, and it will cause any assets left out to "pour over" into the trust after you die.
Advance health-care directive; health-care-sanction representative; durable power of lawyer for health care: Generally speaking, these documents designate an agent, which is your partner, to make medical decisions on your behalf should you become incapacitated. They also will allow visitation, which can be denied unless you're a spouse or family member. A document that will permit your assuror to release medical information to your partner is also recommended.
Durable power of lawyer for finances: Under arrangement to this document, an agent, whether it's your partner or an adviser who will keep your partner's interests in mind, have to make financial decisions if you're incapacitated.
Domestic partner agreement: This document is also called a living-together or property-sharing agreement. It can determine who gets what in the event of a split or death. And they say there is no such thing as gay alimony
Parenting agreements: As every situation is different same-sex couples should visit with a lawyer if they have or are planning to have children. You might consider joint-guardianship agreements or second-parent adoption, but it depends on tour circumstances and where you live. In case of adopting internationally, one planner says to wait for documenting your partnership, because attitudes in other countries toward gay unions may hinder the process.
Domestic-partner registration: Some states may allow couples to be registered as domestic partners and will be afforded state spousal rights, such as the right to inherit without a will. But then even if you can and do register, experts advise documenting everything, no matter what your status.
So, do not forget to put everything in writing, whatever you do, even if you register as domestic partners.
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