Estate Planning Red Flag – Your will leaves everything to your life partner

Description

Abstract: There are many benefits to marriage, including some significant estate planning advantages. Nevertheless, for a variety of reasons, many couples — both opposite-sex and same-sex — choose not to marry. It’s common for unmarried partners to leave all or most of their wealth to each other in their wills. But this can result in a significant estate tax liability. This article notes a couple of techniques that unmarried partners can use to reduce their estate tax bills.