living trusts protect unmarried and same sex couples in florida

Download Living Trusts Protect Unmarried and Same Sex Couples In Florida

Post on 08-May-2015

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For South Florida couples that are unmarried or same sex, unique estate planning issues need to be faced.  In Florida, unmarried unions are not legally protected which makes living trusts the estate planning vehicle of choice for most of the GLBT community.Visit: http://wfplaw.com/ 

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  • 1.Living Trusts ProtectUnmarried and Same SexCouples In Florida

2. For South Florida couples that areFor South Florida couples that areunmarried or same sex, unique estateunmarried or same sex, unique estateplanning issues need to be faced. Inplanning issues need to be faced. InFlorida, unmarried unions are not legallyFlorida, unmarried unions are not legallyprotected which makes living trusts theprotected which makes living trusts theestate planning vehicle of choice forestate planning vehicle of choice formost of the GLBT community.most of the GLBT community. 3. Your South Florida estate planningattorney can fully inform you of thebenefits and drawbacks of eachestate planning option, but this videowill discuss the advantages of havinga living trust in place. 4. A Florida living trust, in conjunctionwith a financial power of attorney,will provide your partner with theability to manage your assets in theevent that you become disabled orincapacitated. 5. Powers of attorney health caresurrogates, and living wills areancillary documents that can insurethat your partner will be in charge ofall legal, financial, and medicaldecisions in the event of yourdisability or incapacitation. 6. Without these documents in place,your partner may not even be ableto visit you in the hospital, much lessmake those important decisionsabout your care or treatment. 7. A Florida living trust is superior to theantiquated last will and testamentbecause wills are significantly easier tochallenge than trusts, which makes fora very sloppy division of assets if any ofyour friends or family were notcompletely supportive of your life styleor your choice of partner. 8. Moreover, if you distribute yourassets via a will, a notice of theproceeding must be given to yourclosest legal heirs, providing themwith an opportunity to object andinstigating the fights previously talkedabout. 9. While Florida trusts are protectedfrom public viewing, a will is a publicrecord, which eliminates privacy andaids in disputes. 10. Even if you are 100 percent certainthat no one in your family willchallenge your will, the avoidanceof the probate process alone isworth having a trust in place. Manypeople incorrectly believe thathaving a will avoids probate. 11. In actuality, all wills must beprobated and the legal process willbe time consuming, possiblydelaying the surviving partysaccess to needed funds for overtwo years. 12. Many South Florida unmarriedcouples believe that theseproblems can be avoided bysimply putting their partnersname on their assets, or jointtenancy, until they learn of themany pitfalls. 13. For appreciated assets, such asstocks and real estate, there aretax disadvantages to receivingassets from a joint tenant. 14. While inheriting from a will or trust atdeath eliminates taxable capitalgains for the survivor, joint tenancyonly eliminates one-half of thosecapital gains since you are onlyinheriting one-half of the property. 15. Moreover, you may be exposed tothe debts and liabilities of yourpartner. An even worse result ofthis type of title planning is that youlose control over where the assetsgo after your surviving partner dies. 16. Perhaps your goal is to provide foryour partner for life, but then to controlwhere the unused assets will go afterhe or she passes.Only a Florida living trust wouldprovide you with this ability. 17. For more on the benefits of livingtrusts, contact the South Floridaestate planning attorneys ofWild Felice & Partners, P.A. at954-944-2855or visitwww.wfplaw.com.Let us protect what you value most. 18. Let us protect what you valuemost.954-944-2855