Page 22 - Southern Exposure - November '21

Page 22, Southern Exposure

elder eState planning

Myths And FAQs Estate Planning For LGBTQ Clients

Submitted by Anné Desormier-Cartwright, J.D.

Myths your wishes and helping lessen the chances that a family your partner, make sure that you have properly named them
Because same-sex member or beneficiary could legally challenge your estate on the appropriate beneficiary designation forms and you
marriage is recognized plan. have addressed the income tax consequences with your
in all 50 states, I do not My partner and I have been together for 20 years but trusted advisors.
need to worry about estate have never gotten married. Should we get married? If we If you have questions about your estate plan and what
planning, as my spouse will don’t get married, how can I ensure my partner is taken documents you should have in place to plan your estate,
receive everything when I care of? schedule a free consultation today by calling our office at
die. Whether to get married is a personal decision. In (561) 694-7827, Anné Desormier-Cartwright, Esq., Elder
It is true that, absent addition to the emotions involved in making the decision, & Estate Planning Attorneys PA, 480 Maplewood Drive,
proper estate planning, the there could also be tax implications. Consider sitting Suite 3, Jupiter, FL 33458.
law will distribute most (if down with an experienced estate planning attorney and an The content of this article is general and should not be
not all) of your money and accountant or CPA to analyze the tax or financial impact relied upon without review of your specific circumstances
property to your spouse. However, this may not be the best this decision would have on your planning. by competent legal counsel. Reliance on the information
way to pass on your money and property. If everything If you choose to remain unmarried, a properly executed herein is at your own risk, as it expresses no opinion by
passes to your spouse outright, there is no protection for estate plan will ensure that your partner is taken care of. the firm on your specific circumstances or legal needs.
the property or money your spouse receives. Even if you A will or trust will allow you to designate the money and/ An attorney client relationship is not created through the
want your spouse to be free to spend their inheritance or property that you want to go to your partner. A will information provided herein.
from you as they please upon your death, your money and invites a probate action in most circumstances, but probate To comply with the U.S. Treasury regulations, we must
property would become 100 percent your spouse’s, and can be avoided with proper designation of beneficiaries. inform you that (i) any U.S. federal tax advice contained
they could do whatever they want with it – including lose A financial power of attorney will allow your partner to in this newsletter was not intended or written to be used,
it to creditors or to an anticipated lawsuit. By creating a act on your behalf for financial matters and a medical and cannot be used, by any person for the purpose of
trust, the money and property can be available for your power of attorney will allow your partner to make medical avoiding U.S. federal tax penalties that may be imposed
spouse’s use, but you can provide protections to ensure decisions for you if you are alive but not otherwise able. on such person and (ii) each taxpayer should seek advice
that creditors, or a second spouse, do not have access to Additionally, if you have a retirement account or life from their tax advisor based on the taxpayer’s particular
what you have worked so hard to earn. insurance policy and would like those amounts to go to circumstances.
Additionally, without estate planning, including the
creation of a trust, your money and property may have to
be distributed through the probate process. Probate is a
court-supervised process where an appointed individual
gathers your money and property, pays your outstanding
bills, and then distributes the remainder to the appropriate
individuals. Depending upon the situation, the level of
court involvement can vary, but no matter what, the details
of this process can be found out by anyone because probate
is a very public process.
FAQs
My family and I have not spoken in years. How do I
prevent my family from causing problems for my spouse
after I die?
One solution is to create a trust and title your accounts
and property in the name of the trust. This will allow you to 747-PALM
have access to and enjoyment of your money and property,
as you can name yourself as both the current trustee and 747-7256
the current beneficiary. However, in the trust, you can
designate what will happen to the accounts and property
once you have passed, as well as who will oversee carrying
out your wishes. Then, upon your death, the terms of the
trust will be carried out and the accounts and property will
be distributed to the named beneficiaries by the person you
have selected, without court involvement.
In addition, if you are worried about your family
contesting your wishes, memorializing them in a proper
legal document such as a trust and will is critical. Be sure to
express your concerns to your estate planning attorney who
can discuss whether your state recognizes a “no-contest Upscale Resale
clause.” A no-contest clause can be included in your will
and trust, creating a penalty for any beneficiary challenging
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