US-UK Tax Talk
Tax talk and more from Collyer Bristow. A series focusing on English tax law, but always with a US flavour. 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.
US-UK Tax Talk
Estate Planning Essentials: Protecting LGBTQ+ Families and Their Assets with Ryan J. Coyle from Bilzin Sumberg
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.
