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Copyright © 2005 Integrity Marketing Solutions
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Estate Planning for Unmarried Couples
 Chances are quite good that you know couples who are living together without the benefit of marriage. The U.S. Census Bureau confirms what you already may suspect: More people
are cohabitating in lieu of marriage these days than ever before in our nation’s history. In 1930, married couples accounted for 84 percent of American households. In the year 2000, just
70 years later, married couples were barely in the majority at 52 percent. The trend does not seem to have bottomed-out, either. In 2005, married couples were the minority at 49.7
percent. And, it is not just young couples. In fact, between 2001 and 2006, the number of unmarried cohabitants older than age 55 rose 61 percent, from 340,000 to 549,000.
Even though cohabitation is legal in the majority of states, unmarried cohabitants face unique estate planning challenges regarding incapacity, inheritance, and estate taxation. In this
article we will review such challenges and some of the potential problems they can cause.
Read more about estate planning challenges facing couples who live together without being married ...
Estate Planning for Married
Couples
 Whether you just tied the knot or just celebrated your Golden Anniversary, it is never too soon (nor, perhaps, too late) to get your legal house in order as a couple. In this article we
review some fundamental legal tools and techniques that are must-haves for every married couple.
Durable Powers of Attorney
Many married couples mistakenly believe that upon exchanging vows they are granted blanket legal authority to carry out their mutual pledges to care for one another in sickness and in
health. Unfortunately, the law requires further and more specific written legal authority. For example, if one spouse is legally incapacitated due to an illness or an injury, then this
becomes painfully apparent.
Each individual adult American is responsible for making his or her own personal, health care, and financial decisions. When incapacity strikes, that responsibility does not end. But,
under such circumstances, who will make these decisions? Bottom line: It will either be someone appointed by you in advance, or someone appointed for you by a judge in the
probate court. Hint: Hiring an attorney to prepare a durable power of attorney to appoint your spouse as your agent may be much less expensive than having a judge (plus the two
additional attorneys required) eventually appoint your spouse anyway.
A durable power of attorney may be prepared to cover both financial and health care matters in one document. Alternatively, separate documents may be created with one for financial and
the other for health care. While you are at it, remember to prepare a living will or a health care treatment directive to provide proof of your end-of-life treatment wishes.
Read more about estate planning tools and techniques for married couples ...
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Did
You Know?
Did you know that:
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While
three in ten Americans DO have a plan, the average age of a will
coming into a law office for update or probate is nearly 20 years?
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A
Power of Attorney of similar vintage may be rejected by banks and
other third parties?
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In
three out of four cases, a Living Will is unavailable when needed?
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Nine
out of ten Americans MISTAKENLY believe that life insurance proceeds
are automatically exempted from Federal Estate Tax?
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The
Wills of most married couples control ONLY personal effects?
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There
are legitimate means of leveraging the $13,000 annual gifting
exclusion, of avoiding capital gains tax on super-appreciated
low-yield assets, and of ensuring that 99% of assets flow to the
next generation in a thoughtful, protected manner?
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Preventing Identity Theft
According to the FBI, identity theft is one of the fastest growing crimes in the
United States and it estimates that 500,000 to 700,000 Americans become identity theft victims each year. Identity theft occurs when a criminal obtains access to your personal
information and then uses that information to obtain goods, services, credit and even commit crimes using your identity. The imposter makes out like a bandit and you are left financially
ruined … or even under criminal investigation. As information technology advances, so does the risk of identity theft.
The Identity Theft Resource Center (ITRC) is a nationwide nonprofit organization dedicated to helping people prevent and recover from identity theft. For more information call the
Center at (858) 693-7935 or visit the Identity Theft Resource Center Web site. The ITRC is
affiliated with the Privacy Rights Clearinghouse, which as its name suggests, is concerned with myriad privacy issues. For more information call the Clearinghouse at (619) 298-3396 or
visit the Privacy Rights Clearinghouse Web site.
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