I just recently had the chance to establish an estate prepare for a same-sex couple and discovered a number of reliable techniques for ensuring each partner could get inheritance and make health care choices for the other just as if they were a married heterosexual couple. Really, now they are probably much better secured than a lot of wed heterosexual couples, since a lot of couples do not have an estate plan or living trust in location.
Possession protection strategies and estate planning are important for same-sex couples who wish to leave an inheritance for each other or provide their partner decision-making power over their health care. Ohio laws do not provide rights to domestic partners when it pertains to wills and healthcare decisions, despite their sexual orientation.
Asset Protection by means of Living Trusts, Irreversible Trusts and LLC’s
Ohio laws give spouses and children priority over properties passed by will and no rights to same-sex partners. That suggests we had to develop an estate plan that will enable assets to pass from one partner to the other without a will and without going to court of probate. Our Dayton, OH estate planners discovered substantial benefits using trusts and LLC’s (minimal liability companies) for possession security and designating heirs.
Laws that apply to wills and probate proceedings do not use to trusts. Trusts are legal entities that specify their own guidelines for how assets owned by the trust are dealt with, including who receives control of the assets under specific situations, such as incapacitation or death of the trust developer. Through a combination of living trusts, irrevocable trusts and LLC’s, we were able to provide each partner continued control of their assets throughout their lifetime and ensure that, upon death of one partner, the other partner would get the intended inheritance.
Ensuring Partners’ Medical Choices through Medical Directives
Just similar to wills, Ohio laws prefer children and moms and dads when medical choices need to be made on behalf of an individual who is paralyzed. Domestic partners and same-sex partners have no authority to make medical choices for an incapacitated partner unless specifically directed through legal documents. The documents 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 Coverage Portability and Accountability Act) authorization will enable partners to get access to each other’s medical records. If one partner is hurt in an accident and comes to the hospital unconscious or otherwise mentally incapacitated, the other partner will not have the ability to get updates on his/her condition or speak with medical personnel unless a HIPAA permission is on file.
A living will, which is also called an Advance Health care Regulation, enables an individual the chance to dictate which medical treatments or treatments he/she desires or does not want if they are not able to tell the physician themselves, such as whether to continue life assistance under specific scenarios.