Redmond Office Law Blog

Same sex couples and couples that live together but never get married may share the same commitment and bond as legally married couples, however, the bonds of marriage do not exist and some of the automatic rights cannot be assumed.

As a result, these partners will face a variety of issues and possible complications that legally married couples take for granted. Although the bonds of marriage do not exist you are still committed to one another and there is nothing to stop you from creating your own legally binding agreement that will afford the two of you the same rights and benefits of a legally married couple. This legally binding agreement is called an estate plan.

Medical Decisions
If you were struck by a devastating illness and you were not able to make medical decisions for yourself, who would do it for you? If you were faced with this situation, you would probably want your partner to make these medical decisions for you. With a Designation of Patient Advocate and Living Will, you can designate your partner to act as your medical decision maker and you can state whether or not you wish to be kept on life support if you are in a coma, persistent vegetative state, or terminally ill.

Inheritance
When it comes to inheritance, you have three choices. Do nothing…Do a simple Will..or Do a Living Trust. If you do nothing, the State of Michigan will decide how to divide up your estate for you. The automatic heirs of your estate are your parents and your siblings (if there are no children), not your partner.

With a Living Trust, you can not only avoid probate, but in a very private and discreet way, your assets can be distributed to your partner or to a beneficiary of your choice.

Estate Tax Avoidance
Throughout our lifetime, we utilize every possible tax savings or tax deduction that is available to us. There is no reason why these same tax savings or deductions should be ignored at death. The IRS gives every individual the right to pass a certain amount of assets at death, tax free. This benefit is referred to as the Unified Credit.