Yes. If you’re part of the Lesbian, Gay, Bisexual, and Transgender community, a Living Trust offers protection for your estate, as well. It will completely eliminate a living probate, a death probate, and you can minimize or eliminate estate taxes. Further, it allows you to override the laws that may fail to recognize the importance of your relationship. … [Read more...]
Do unmarried couples have to plan more than married couples do?
Yes. The default in state law, called “intestacy,” is designed with married couples in mind. If a married couple dies without any estate plan, the survivor will get a good portion of the assets left behind. However, if you are unmarried, unless you are in a state that legally recognizes domestic partnerships or civil unions and you have registered as such, the survivor would get nothing. Instead, the family of origin of the unmarried partner who died would get anything in that partner’s name, … [Read more...]
Are my estate planning documents a matter of public record?
Only your Will is a matter of public record. Your Revocable Living Trust and your Powers of Attorney are not public. Therefore, by using a Revocable Living Trust you can maintain the privacy of your wishes. Prying eyes of co-workers and neighbors will not have access to the details of your estate plan. … [Read more...]
Is there a tax if I give some of my property to my spouse or partner?
Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In addition, anyone can make a gift to any other person, called the Annual Gift Tax Exclusion, without … [Read more...]
Will my spouse or partner be appointed guardian of my minor child?
Unless your spouse or partner has adopted your minor children, a court would decide what would be in the child’s best interest. Typically, your family of origin and that of the child’s other biological parent are given preference by the court. However, in your last Will, you can nominate your spouse or partner to be the guardian for your minor child. The court will then give weight to your suggestion while weighing what is in the child’s best interest. … [Read more...]
Can I make decisions about my spouse or partner’s remains?
Yes, if you are married or in a registered relationship and in a state which recognizes that relationship. However, if you’re unmarried and either, 1) not in such a registered relationship, or 2) you are in a state which does not recognize that relationship, then default state law allows your partner’s family of origin rather than you to make those decisions. However, if your spouse or partner designates you as agent under their Health Care Power of Attorney, then you would be able to make such … [Read more...]
How can I be sure that I will be allowed to visit my spouse or partner in the hospital or assisted living facility?
If you are married or in a state that recognizes civil unions or domestic partnerships and you register as such, proof of such marriage or registration would be sufficient. Otherwise, you would need to have your spouse or partner designate you as agent under their Health Care Power of Attorney. The agent also can limit other visitors. … [Read more...]
Can my spouse or partner make medical decisions for me if I’m sick?
If you are in a marriage, registered domestic partnership, or civil union, your spouse or partner can make those decisions for you. If you are not in a registered relationship, then state law would recognize your family of origin to make those decisions. However, you can override state law and give your partner the authority to make such decisions by signing a Health Care Power of Attorney. With such a document, when you are unable to make your own medical decisions, your partner can step in and … [Read more...]
Can my spouse or partner handle my financial affairs if I am incapacitated?
No, you have to do estate planning in order to allow your spouse or partner to have that authority. Specifically, by designating your spouse or partner as agent under a General Durable (Financial) Power of Attorney, he or she can make decisions on your behalf regarding financial matters. … [Read more...]
I am in an unmarried relationship, do I need to plan?
You will be treated as “legal strangers” for purposes of state and federal laws. As a result, if you do not have an estate plan, your partner would not have the right to inherit from you, have preference to be appointed your guardian, or many other rights you would assume a spouse would have. … [Read more...]
