I recently had the chance to establish an estate plan for a same-sex couple and discovered numerous reliable methods for ensuring each partner might get inheritance and make healthcare choices for the other just as if they were a married heterosexual couple. Really, now they are most likely better secured than the majority of wed heterosexual couples, due to the fact that most couples do not have an estate plan or living rely on location.
Property defense techniques and estate planning are vital 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 offer rights to domestic partners when it concerns wills and healthcare decisions, regardless of their sexual orientation.
Asset Protection through Living Trusts, Irreversible Trusts and LLC’s
Ohio laws provide spouses and kids top priority over possessions gone by will and no rights to same-sex partners. That indicates 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 significant advantages using trusts and LLC’s (limited liability companies) for asset protection and designating heirs.
Laws that apply to wills and probate proceedings do not apply to trusts. Trusts are legal entities that define their own guidelines for how properties owned by the trust are managed, including who receives control of the properties under specific situations, such as incapacitation or death of the trust creator. Through a combination of living trusts, irrevocable trusts and LLC’s, we had the ability to offer each partner continued control of their properties during their life time and make sure that, upon death of one partner, the other partner would receive the designated inheritance.
Ensuring Partners’ Medical Choices through Medical Directives
Just just like wills, Ohio laws prefer kids and parents when medical choices require to be made on behalf of an individual who is disarmed. Domestic partners and same-sex partners have no authority to make medical decisions 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 decisions for each other if they are not able to do so themselves.
The HIPAA (Medical insurance Mobility and Accountability Act) authorization will permit partners to get access to each other’s medical records. If one partner is injured in an accident and shows up at the medical facility unconscious or otherwise mentally incapacitated, the other partner will not be able to get updates on his/her condition or speak with medical personnel unless a HIPAA permission is on file.
A living will, which is likewise called an Advance Healthcare Directive, permits a person the opportunity to determine which medical procedures or treatments he/she wants or does not want if they are not able to tell the medical professional themselves, such as whether to continue life support under specific circumstances.