Queercents

Getting paperwork and legal matters in order is one of those unpleasant realities of adulthood, made more difficult by the lack of recognized marriages and partnerships among gay and lesbian couples. Suze Orman’s Protection Portfolio is an easy to use collection of all the documents you need to put your affairs in order. While the Protection Porfolio is marketed toward gay couples, it’s just as useful if you’re single and need to assign rights and responsibilities to a friend, rather than a spouse or partner. The included documents range from health care directives to financial power of attorney, wills to co-ownership agreements.

Clear guidance by Suze Orman and her trust attorney, Janet Dobronolvy, allows you to create the four key documents to protect your partner and your relationship; a will, a revocable trust, an advanced directive and durable Power of Attorney for health care, and a financial Power of Attorney. While none of us want to think about what-ifs, having the paperwork you need in place can ensure that your partner or spouse has the legal right to make decisions on your behalf should you be unable to. An advanced directive and durable Power of Attorney for health care allows your wishes to be known and gives you partner the right to make key decisions, including consenting to care. A trust, financial Power of Attorney, and will all provide critical financial protections for the life the two of you have built together.

Orman’s Protection Plan also helps you to organize and store key documents. Unfortunately, when one partner dies, the survivor is often left unaware of key financial information, insurance, or retirement accounts. Having this information at hand can reduce the worry and stress that often accompanies grief and loss.

If you’re single, you may still want to use Orman’s plan to put your life in order, especially if you have a poor relationship with your next-of-kin. Decide who will make the choices if necessary to retain control over your own life and be certain that your wishes are honored with the documents included in Orman’s plan.

Certainly, you can do all of this without the Protection Plan, either on your own or with the help of a trust attorney, but if you plan to do it yourself, this is an easy, effective, and accurate way to do so, with all your bases covered and loopholes closed.

Read More Suze Orman related posts

Yesterday, NPR had a short interview on end-of-life planning for same-sex parents:

As a follow-up to a recent Tell Me More conversation focused on ways parents can plan ahead for their children in the event of a tragedy, the program explores the unique sensitivities faced by same-sex couples. Money coach Alvin Hall and attorney Shauntese Curry Trye, a specialist in family law, spell out the complexities and offer tips for getting around them.

In sum, they emphasize:

• the importance of wills,
• the importance of a non-biological parent adopting the child, and
• the importance of reviewing and updating wills and other directives when you have a child or adopt or marry, move to another state, separate, or divorce.

But you don’t need me to summarize it for you. The interview is short, concise, and well worth a listen.

By day, Helen engineers new materials to make computer chips cheaper, better, and faster. When the son goes down (pun intended), she writes about personal finance at Affine Financial Services.

Part 3-of-3

Now not to be a downer, but my series can’t end without at least mentioning estate planning and retirement, especially because so much can be done ahead of time.

The easiest step, according to Smith Barney’s John Fairbanks, is to make sure your company is fully funding your 401(k) and that you’re matching all those deposits. Losing out on that “easy money” is jeopardizing how much money you’ll have when you’re older. And don’t be intimidated to make an appointment with a financial planner, even just to ask questions. Many financial planners will book clients for one-to-two hour sessions just to assess where they’re at and start thinking about where they want to be.

Beyond that, same-sex couples can use the same retirement tools used by straight couples. There are no laws against saving money!

As for a starting point with estate planning, it’s never too early to draw up a will. If you’re considering that, you really should set up a trust in which you get to designate how your assets are managed once they’re allocated. Read the rest of this entry »

For my first interview for Queercents, I decided we could use some advice about trusts and estates, how to make sure our families, partner and charities can benefit from our money should we pass away. And what about if our deceased partner’s family tries to take what is meant for us? An ideal person to answer these questions just happens to be the love of my life.

Karolyn Hicks practices Trust and Estate Law and General Civil Litigation in Seattle with Stokes, Lawrence, Velikanje, Moore and Shore. Last year she won “Outstanding Young Lawyer of the Year Award” from the King County Bar Association. Karolyn was on the board of directors for the WA state ACLU for 5 years and has done pro-bono work for queer non-profits and our neighborhood free legal clinics.

Is having a will or trust more important for LGBT people?
Usually, but it depends on how you want your estate divided when you die. These are generally considered domestic matters which each state decides for itself and each state’s law is different. That being said, some general statements can guide you. For example, generally if you are in a same-sex relationship and registered as such in a state where same-sex marriages, civil unions, or domestic partnerships are recognized by the state, then your spouse and/or children (if any) will inherit your estate without the need for a will or trust. Read the rest of this entry »

I know very little about estate planning and execution of financial and legal responsibilities for someone who is deceased. I know it all falls under the term estate administration, but other than that the details escape me because I have never had to do it. What I learned recently as a result of the death of my grandmother is that just because you’re already dead doesn’t mean they can’t bill you. You see she was in a nursing home at the time she passed. My father was busy settling her affairs there when he discovered she was being billed for medication purchased and administered two days after she had died.

Sorry Charlie, but the woman is dead, the meds won’t help.

OK, perhaps that is a little harsh and sarcastic, but it does leave you scratching your head wondering who is paying attention to what in the place?

For normal expenses and debts, a person’s estate is responsible for them even after death. However, personal family members are not necessarily responsible for the debts if the estate does not have the assets to pay for them. Read the rest of this entry »

Sometimes I think if I am confused and concerned by what little legal protections are available to me and my partner, I can only imagine how stressful it must be for LGBT couples with kids. Every time I hear a news story about this or that legal disaster that befalls a gay or lesbian couple who has kids it makes my head spin.

I recently received a copy of the book “Wear Clean Underwear” by Alexis Martin Neely. It is described as a “A Fast, Fun, Friendly – and Essential – Guide to Legal Planning for Busy Parents” and endorsed by a number of people I respect. While it is not specifically geared toward the LGBT family, in many of the examples the author does not assume parents are (or can be) married. And, you have to love her preface of terminology:

If you are in an unmarried relationship, either by choice or because the law does not allow your marriage, please know that I respect your circumstances, and substitute the word “partner,” “ex-spouse,” “life partner,” “baby-daddy,” “baby-mama,” or whatever other term you use, where appropriate.

Wow – validation in a mainstream book. That always makes my heart sing!

One concept I liked right off the bat was her re-framing of the notion of estate planning. Read the rest of this entry »

“It is not only fine feathers that make fine birds.” – Aesop

Back in January, there was a captivating profile in Fortune Magazine about Melinda Gates, power philanthropist and wife of Bill. The article noted their plan to give away 95% of their wealth in their lifetimes and when asked how much they will leave their children, Melinda indicated they will follow Warren Buffett’s philosophy: “A very rich person should leave his kids enough to do anything, but not enough to do nothing.”

Fortune has written about this at least once before. Back in 1986 to be precise. I’m surprised they even had this one online instead of in the library basement where articles of old can only be found on microfiche. But here it is in living link color.

Buffett does not believe that it is wise to bequeath great wealth and plans to give most of his money to his charitable foundation. Having put his two sons and a daughter through college, the Omaha investor contents himself with giving them several thousand dollars each at Christmas. Beyond that, says daughter Susan, 33, “If I write my dad a check for $20, he cashes it.” Read the rest of this entry »

“A thing long expected takes the form of the unexpected when at last it comes.” – Mark Twain

Over the weekend, my new Hollywood insider, Bronson Page tipped me off that Heath Ledger’s will named his parents and sister without any mention of Michelle Williams and their daughter, Matilda. How could that be? Well, he never updated his will while he was with Michelle.

Heather Ledger’s will was written and filed in 2003 before his relationship with Michelle Williams and the 2005 birth of their daughter Matilda Rose, New York’s Daily News reports. The actor’s will had not been updated before his death.

The documents go on to reveal that Ledger had less than $145,000 in New York assets at the time, including a $25,000 Toyota Prius and $20,000 in furniture and fixtures.

His greater wealth now is uncertain. It’s rumored his estate is worth $20 million after earnings from the latest Batman movie are calculated. No joker there. Read the rest of this entry »

“The fear of death follows from the fear of life. A man who lives fully is prepared to die at any time.” – Mark Twain

Our neighbor, Betty died recently. She was a lovely woman and reminded us of an aging Hollywood starlet. She was in her eighties, never had any children and was widowed several years ago. Unfortunately, she had been sick for over a year and her executor (a former neighbor) had arranged for round-the-clock health care to be provided in her home.

Jeanine and I were impressed that 1. She had the means to stay in her home and pay for long term care, and 2. She obviously planned for her death while she was still healthy. We also have bets on if the gay nephew will get the house. I’m sure Betty had it all worked out. She seemed organized about her affairs. Read the rest of this entry »