This isn’t a surprise. For almost a decade everyone has known this day was coming. On Jan. 1, 2011 the top income tax rate on ordinary income and dividends will go back to 39.6%, the top tax rate on capital gains will revert to 20%, and the top tax rate on estates will go back to 55%. Some in Congress want to extend the tax cuts for everyone, some want to extend them but not for the “rich,” and others want to hold the dividend tax rate to 20%. These decisions make a huge difference to American business. But rather than putting it up for a vote, Congress is playing political games.

Like the overall U.S. population, roughly 80% of LGBT individuals and couples — including those residing in Massachusetts, Rhode Island, and Maine — have NO ESTATE PLAN!  Their stated reasons for this are many.  Some of the reasons that LGBT persons delay estate planning are common to non-LGBT persons, others are not.  This post will discuss the main reasons, and point out why LGBT persons and couples have more incentive to overcome their natural hesitancy to see an estate planning attorney.

Like non-LGBT persons, LGBT persons sometimes delay an estate plan because of a superstition: as soon as I make a Will,sure enough  I will die.  There is not much I can say to these people, except to remind them that we will all die at some time, whether we sign a Will or not.  And statistically speaking, there is no evidence that people tend to die shortly after making a Will.  (Except of course, if you are already 99 years old when you make your Will!)  So why not get an estate plan in place now, and then have the peace of mind it brings during the remainder of your life, however long that may be?