This article appeared on today’s Business Page of the Akron Beacon Journal. I decided to post it to remind our friends to have their estate planning in order. It is so important.
Estate planning is even more imperative for same-sex couples than for straight spouses. Gay couples don’t have the tax and inheritance advantages that marriage conveys,” says Washington attorney Tanya Harvey. Harvey recommends that gay families start by consulting a lawyer on three key issues:
Power of attorney. Assigning your partner a power of attorney for health care is relatively simple. Most hospitals allow only family members related by blood or marriage to visit patients in critical care.
The pros and cons of domestic partnership. While domestic partnerships often convey a variety of inheritance, employment and tax benefits, they are difficult to dissolve in some states.
What happens to your legacy? It is essential that each partner has a valid, up-to-date, signed and witnessed will. If you die without a will providing for your mate, the state determines what will happen to your money and property.
You are so Right Tom… Last year at this time( it’s so hard to believe that it will be one year Aug 2nd since Kelley passed away) I found out first hand How important Medical power of attorney, living wills, and the related paperwork is…. When Kelley was taken to the hospital, once I handed them a copy of his living will and my power of attorney. they were very Happy that someone was there (ME) that could make the decision that needed to be made. And I was never once denied a request to be with him or denied more pain meds when we asked they be given. It is SO important that any gay couple take the time and fill out the paper work. It also doesn’t cost anything the hosptial has everything you need.