What if the rules of tax and estate planning could be rewritten to better fit non-traditional families, particularly in the LGBTQ community?
In this episode, Aidan Grant is joined by Ryan J. Coyle from Bilzin Sumberg to explore the unique challenges faced by LGBTQ individuals, especially Americans living in the UK. They highlight traditional tax laws that often prioritise married couples and explore how they impact those who don’t fit this description.
With the 2018 US tax reforms setting the stage, we explore the critical concept of “sunset estate planning,” urging US tax residents to act before the exclusion amount reduction in 2026. Ryan brings a wealth of knowledge on international tax issues, highlighting the importance of understanding both UK and US regulations to make informed decisions and prevent last-minute planning rushes.
The episode also focuses on the evolving legal landscape for same-sex couples and unravels the intricate differences in marriage and civil partnership recognitions across US states and the UK. From the complexities of forced heirship rules to the essential legal rights for unmarried couples, we explore how these elements shape the financial future of cross-border families.
Estate planning isn’t just about finances; it’s about ensuring that your unique family structure is protected and respected. Hear the significance of inclusive estate planning for trans individuals, the misconceptions around common law marriage, and the nuances of property rights and inheritance laws across different jurisdictions, including the need for explicit beneficiary naming in estate documents.
This episode is a must-listen for anyone seeking to understand the dynamic intersection of tax, estate planning, and LGBTQ rights in an international context.
Key Takeaways:
Marriage can provide significant tax advantages for LGBTQ couples in the UK and US, such as the ability to file joint tax returns and benefit from the unlimited marital deduction for estate taxes.
Without a will, unmarried partners risk receiving no inheritance, as intestacy rules do not recognize them. It’s crucial for such partners to engage in proactive estate planning.
Families with international ties should understand how different legal systems, like forced heirship rules, can affect their estate plans to ensure their wishes are upheld.
Legal documentation is essential for recognizing children from LGBTQ families, particularly those born through surrogacy or adoption, within estate plans.
Estate planning for trans individuals must account for identity documents and be updated to reflect gender identity changes, ensuring that their rights and wishes are respected.
Chapters:
00:39 – Exploring Tax and Estate Planning for the LGBTQ Community 09:46 – Navigating Estate Planning for Cross-Border Couples 18:34 – Navigating Intestacy Rules for Unmarried Couples 24:20 – Understanding Intestacy and Asset Protection for Couples 26:41 – Navigating Forced Heirship Rules in International Estate Planning 35:30 – Navigating Estate Planning for LGBTQ Families 40:42 – Estate Planning for Trans Individuals
Disclaimer: This content is provided for general information only and does not constitute legal or other professional advice. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information contained in this material.
Estate Planning Essentials: Protecting LGBTQ+ Families and Their Assets with Ryan J. Coyle from Bilzin Sumberg
In this episode, Aidan Grant is joined by Ryan J. Coyle from Bilzin Sumberg to explore the unique challenges faced by LGBTQ individuals, especially Americans living in the UK. They highlight traditional tax laws that often prioritise married couples and explore how they impact those who don't fit this description.
What if the rules of tax and estate planning could be rewritten to better fit non-traditional families, particularly in the LGBTQ community?
In this episode, Aidan Grant is joined by Ryan J. Coyle from Bilzin Sumberg to explore the unique challenges faced by LGBTQ individuals, especially Americans living in the UK. They highlight traditional tax laws that often prioritise married couples and explore how they impact those who don’t fit this description.
With the 2018 US tax reforms setting the stage, we explore the critical concept of “sunset estate planning,” urging US tax residents to act before the exclusion amount reduction in 2026. Ryan brings a wealth of knowledge on international tax issues, highlighting the importance of understanding both UK and US regulations to make informed decisions and prevent last-minute planning rushes.
The episode also focuses on the evolving legal landscape for same-sex couples and unravels the intricate differences in marriage and civil partnership recognitions across US states and the UK. From the complexities of forced heirship rules to the essential legal rights for unmarried couples, we explore how these elements shape the financial future of cross-border families.
Estate planning isn’t just about finances; it’s about ensuring that your unique family structure is protected and respected. Hear the significance of inclusive estate planning for trans individuals, the misconceptions around common law marriage, and the nuances of property rights and inheritance laws across different jurisdictions, including the need for explicit beneficiary naming in estate documents.
This episode is a must-listen for anyone seeking to understand the dynamic intersection of tax, estate planning, and LGBTQ rights in an international context.
Key Takeaways:
Marriage can provide significant tax advantages for LGBTQ couples in the UK and US, such as the ability to file joint tax returns and benefit from the unlimited marital deduction for estate taxes.
Without a will, unmarried partners risk receiving no inheritance, as intestacy rules do not recognize them. It’s crucial for such partners to engage in proactive estate planning.
Families with international ties should understand how different legal systems, like forced heirship rules, can affect their estate plans to ensure their wishes are upheld.
Legal documentation is essential for recognizing children from LGBTQ families, particularly those born through surrogacy or adoption, within estate plans.
Estate planning for trans individuals must account for identity documents and be updated to reflect gender identity changes, ensuring that their rights and wishes are respected.
Chapters:
00:39 – Exploring Tax and Estate Planning for the LGBTQ Community 09:46 – Navigating Estate Planning for Cross-Border Couples 18:34 – Navigating Intestacy Rules for Unmarried Couples 24:20 – Understanding Intestacy and Asset Protection for Couples 26:41 – Navigating Forced Heirship Rules in International Estate Planning 35:30 – Navigating Estate Planning for LGBTQ Families 40:42 – Estate Planning for Trans Individuals
Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.
CB Checkpoint: Optimising your key business documentation, policies & procedures.
There are a number of key policies, procedures and documents your business should keep up to date, to be both legally protected and in preparation for investment or exit.
Collyer Bristow’s ‘CB Checkpoint’ team will give your business a full check-over, reviewing your key documentation and advising on any changes that are suggested or required. We will deliver a full report of our findings and offer support, should you need it, to ensure legal protection for your business, its assets, and ultimately its reputation.
CB Checkpoint: Optimising your key business documentation, policies & procedures.
There are a number of key policies, procedures and documents your business should keep up to date, to be both legally protected and in preparation for investment or exit.
Collyer Bristow’s ‘CB Checkpoint’ team will give your business a full check-over, reviewing your key documentation and advising on any changes that are suggested or required. We will deliver a full report of our findings and offer support, should you need it, to ensure legal protection for your business, its assets, and ultimately its reputation.
CB Comply: Data protection training
Collyer Bristow’s Data Privacy team offers live, interactive, engaging and practical training sessions on a variety of privacy-related topics.
Important change in Employment law
From 26 October 2024, employers have a new legal obligation to “take reasonable steps” to proactively prevent sexual harassment in the workplace.
Employers facing a sexual harassment claim will need to demonstrate the targeted measures they have implemented to comply with this new positive duty. Failure to comply may open employers up to both financial and reputational risks. Key measures include training staff and policy review/implementation.
Collyer Bristow's bespoke training is delivered by our experienced Employment lawyers in an engaging and informative way designed to ensure all employees in your organisation have a clear understanding of the new law (and the implications of it) to help you manage and prevent sexual harassment occurring in the workplace. We can then also review and/or draft all necessary policies and contracts, including those for clients and customers.
We work with clients across a vast range of industries supporting them through the full range of disputes. We provide dynamic and tailored strategies to get them back on track and focused on the day-to-day activities required for success.
CB Clarity: Pre and post nuptial agreement services
The purpose of a nuptial agreement is to agree a fair financial settlement between a couple in the event they get divorced/the civil partnership is dissolved, and it seeks to protect any pre- acquired assets such as inheritance, businesses or property and also seeks to deal with any future inheritance. Put simply, pre and post- nuptial agreements help to provide security, clarity and certainty in the future, for both parties.
CB Entrust: The personalised will writing service from Collyer Bristow
CB Entrust is not an off the shelf will such as those available on the high street, but a fixed price expert approach to writing one of the most significant documents of your life.
We work with property owners, investors, developers, funders and both landlords and tenants on the financing, growth, management and disposal of their property and portfolios.
We recognise that as each family office is unique in terms of culture, structure and scope, it is crucial to work with a multi-disciplinary team of trusted advisers with the ability to provide you with pragmatic and truly bespoke advice.
Our multi-disciplinary team has extensive experience advising clients on managing their investment portfolio whether this covers real estate, heritage property or private equity. When it comes to deploying capital, we take a commercial approach whilst striving to minimise the risk involved.
Helping those in the financial sector respond rapidly to market changes.
Now more than ever, your business needs to work with a legal team with a deep understanding of the changing financial markets which can provide you with practical, incisive guidance. Our work ranges from corporate finance, lending, and restructuring, to funding, regulation, high-value banking litigation and complex claims against financial institutions.
ENSURING THE BEST OUTCOME FOR BOTH SIDES OF THE TABLE.
Whether you are an investor or dealing with a private equity fund, our team delivers tailored solutions with a commitment to ensuring the best possible outcome for both sides of the table.
SUPPORTING THE ENGINE OF GLOBAL COMMERCE & INDUSTRY.
We have a long history of supporting the manufacturing and logistics sectors. Our clients come from such diverse sub-sectors as FMCG, automotive, medical devices, digital technology, food & drink, construction, beauty and fashion. Whether you source or process raw materials, manufacture parts or products, or transport and store the goods, we have the sector and legal expertise you need.
Across our various specialisms we work with clients and contacts based in countries all around the world. However as a firm we maintain a particular focus upon; have a cultural awareness and language expertise in; and have built considerable professional contacts in Italy, USA, Turkey, Channel Islands, and Switzerland.
All of us have at least part of our lives online and in digital assets such as emails, social media profiles, cryptocurrency and online bank accounts, to name just a few. The law recognises that digital assets can be owned. However, there is no consistency between assets and you may find that some of your most valuable assets are mere licences to use a third-party provider’s service. This has significant consequences when attempting to access, manage and transfer digital assets after death.
As well as the obvious benefits to both employers and employees of continuing to combine working from home with going into the office and more flexible hours, there are employment law and other legal implications that employers will need to consider. Each organisation’s requirements will be slightly different.
The metaverse. Artificial intelligence. E-sports. Cryptocurrency. Traditional business models and industries have either been or are being disrupted by digital innovation, paving the way for new opportunities and changing “the way that things are done.”
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