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| You are legal strangers. When heterosexual couples utter the words "I do," they are instantly granted basic legal rights and obligations. Unless same-sex couples put their wishes in writing, they are legal strangers to each other - no matter how long their relationship lasted. Even the most well-intentioned blood relatives are frequently unable to cede their right to inherit to a same-sex partner. For instance, in the absence of a will, your assets are required to go to your biological family, no matter how good or poor your relationship with them may be. A transfer back to a partner is in no way required and even if it does occur, may result in significant expenses (including gift taxes). Put your wishes in writing.Yes, it's difficult. It requires you to consider the worst. And it is one of the greatest expressions of love and respect you can make. If you take the time to sign a few legal documents, you will know that everyone you care about is treated the way you want. You guarantee that your wishes carry the force of law. And you lift financial and legal burdens from those you love. In May, 2006 USA Today reporter Kathy Chu published a timely article highlighting the need for estate planning by unmarried and same-sex couples. She described why the drafting of wills, powers of attorney and domestic partnership agreements is so important. I am pleased to have been a source for this article and to have supplied the sample domestic partnership provisions posted on the USA Today website. You can read her article here: http://www.usatoday.com/money/perfi/basics/2006-05-11-unwed-couples_x.htm |
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PartnerPlanning.com is a service of Lawrence S. Jacobs & Associates, P.C., Attorneys and Counselors at Law |
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