I just recently had the chance to develop an estate prepare for a same-sex couple and found numerous reliable methods for making certain each partner could get inheritance and make healthcare decisions for the other simply as if they were a married heterosexual couple. In fact, now they are most likely better protected than many married heterosexual couples, due to the fact that many couples do not have an estate plan or living rely on place.
Property defense techniques and estate planning are necessary for same-sex couples who desire to leave an inheritance for each other or give their partner decision-making power over their health care. Ohio laws do not give rights to domestic partners when it pertains to wills and health care decisions, regardless of their sexual orientation.
Asset Protection via Living Trusts, Irreversible Trusts and LLC’s
Ohio laws give partners and children concern over properties passed by will and no rights to same-sex partners. That implies we had to establish an estate plan that will enable possessions to pass from one partner to the other without a will and without going to court of probate. Our Dayton, OH estate coordinators discovered considerable advantages utilizing trusts and LLC’s (limited liability companies) for asset security and designating heirs.
Laws that use to wills and probate proceedings do not apply to trusts. Trusts are legal entities that define their own rules for how properties owned by the trust are handled, including who receives control of the assets under specific circumstances, such as incapacitation or death of the trust creator. Through a combination of living trusts, irreversible trusts and LLC’s, we were able to provide each partner continued control of their possessions throughout their life time and ensure that, upon death of one partner, the other partner would receive the designated inheritance.
Ensuring Partners’ Medical Decisions through Medical Directives
Just similar to wills, Ohio laws prefer children and moms and dads when medical decisions require to be made on behalf of an individual who is crippled. Domestic partners and same-sex partners have no authority to make medical choices for an incapacitated partner unless particularly directed through legal documents. The files to have in location include:
Health care or medical power of attorney;
A healthcare/medical power of attorney empowers partners to make medical choices for each other if they are not able to do so themselves.
The HIPAA (Health Insurance Portability and Accountability Act) authorization will allow partners to get access to each other’s medical records. If one partner is hurt in an accident and arrives at the healthcare facility unconscious or otherwise mentally incapacitated, the other partner will not have the ability to get updates on his/her condition or talk to medical personnel unless a HIPAA authorization is on file.
A living will, which is also referred to as an Advance Health care Instruction, allows an individual the opportunity to dictate which medical procedures or treatments he/she wants or does not want if they are unable to tell the medical professional themselves, such as whether to continue life assistance under specific circumstances.