Windy City Media Group Frontpage News
Celebrating 30 Years of Gay Lesbian Bisexual and Trans News
home search facebook twitter join
Gay News Sponsor Windy City Times 2016-06-29
DOWNLOAD ISSUE
About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage


  WINDY CITY TIMES

Living trusts protect assets
Part of a series
by Roger McCaffrey
2013-01-23

facebook twitter google +1 reddit email


and more LGBT couples, even those in a Civil Union, are using revocable living trusts as a way to efficiently pass on their assets to their partners and to insure that their partners will handle their personal affairs if they ever become incapacitated.

A revocable living trust is a legal arrangement where a person executes a written trust document naming themselves as the trustee of their own trust and while alive they transfer their property to their trust so that the trust holds legal title to all their assets.

The document creating the trust allows the person making the trust (maker) to at any time dissolve the trust, change the trust or take assets from the trust; always retaining complete control of their property. The trust document can provide for the appointment of a successor trustee (surviving LGBT lover/spouse) who would only act upon the death or disability of the maker of the trust.

A living trust offers the following advantages:

-Keeping control. While the maker is alive he or she has the right to the income generated by the trust and sole use of the trust property, such as the house and bank accounts. Upon his or her death the assets of the trust could then be distributed.

-Providing for Disability. Should the maker of the trust become physically or mentally incompetent the living trust can serve as the framework for the management of the maker's assets and property.

-Reducing delay and cost. The living trust can act like a will and dispose of the maker's property upon death. The property of the trust is not subject to probate proceedings, thus avoiding court supervision.

-Preserving Privacy. Trusts can also serve individuals who don't want an inheritance to be made public. It avoids problems of friends and family from going into the Probate Clerk's office to look at the file on their estate and see who got what.

-Avoiding ancillary probate. Someone who owned a vacation house in Lakeside, Michigan and a condominium in Chicago could have probate in both those states unless they used a living trust.

When a living trust is combined with a durable power of attorney, a non-disabled LGBT partner can transfer all of the disabled person's property to that person's living trust to avoid probate at death.


facebook twitter google +1 reddit email




Windy City Media Group does not approve or necessarily agree with the views posted below.
Please do not post letters to the editor here. Please also be civil in your dialogue.
If you need to be mean, just know that the longer you stay on this page, the more you help us.


  ARTICLES YOU MIGHT LIKE

National roundup: Marriage poll, Loretta Lynch, NYC Pride Parade 2016-06-28
One year since marriage equality 2016-06-22
Out of the Office rings in Pride month with celebration and charity 2016-06-02
Midsommarfest returns to Andersonville for 51st year 2016-05-29
Illinois state GOP: Marriage is still one-man, one-woman 2016-05-23
Mexico's Wild Ride to Marriage Equality 2016-05-18
Italy approves civil unions 2016-05-12
LGBT issues spotlighted at financial/legal planning event 2016-05-11
Local singer Terell marries partner 2016-05-11
Business leaders discuss LGBT certification 2016-04-30
Out & Equal promotes workplace equality 2016-04-13
First Circuit removes district judge in marriage case 2016-04-13
World: Swedish stamp, Saudi Arabia report, marriage allowed in Norway, Colombia 2016-04-12
Puerto Rico marriage ban stuck down hours after Lambda Legal victory 2016-04-08
1st Circuit removes judge, reaffirms ban's unconstitutionality in Puerto Rico marriage 2016-04-07
Campaign launched to create unity in ending LGBTQ poverty 2016-04-06
Fast food workers to strike April 1, joining Chicago teachers 'Day of Action' 2016-03-25
Wedding expo unites same-sex couples with supportive vendors 2016-03-23
Lambda Legal asks Court of Appeals to intervene in Puerto Rico marriage case 2016-03-21
Puerto Rico upholds marriage ban 2016-03-16
ASK LAMBDA LEGAL It's tax season 2016-03-15
BOOK REVIEW Charity & Sylvia: A Same-Sex Marriage in Early America 2016-03-09
Puerto Rico Court rules same-sex marriage law does not apply there 2016-03-09
Chicago man files discrimination suit against Chicago Archdiocese 2016-03-08
SSA grants spousal benefits to Texas widow in Lambda Legal case 2016-03-08
Debate Recap: Kasich, Cruz and Trump double down on overturning marriage equality 2016-03-04
Plaintiffs in Supreme Court marriage cases to be honored at LGBT military event 2016-02-25
Windy City Times Wedding Guide 2016-02-23
Governor continues budget stalemate hurting families, communities, economy 2016-02-18
Illinois poverty report released 2016-02-17
National: Walmart lawsuit; Puerto Rican justice; gay GOP in Texas; Huey Newton 2016-02-16
Credit union unveils gender-affirming loan package 2016-02-10
FRANKLY SPEAKING What's hot and what's not: Wedding trends for 2016 2016-02-10
The 21st-century wedding movie: Not your mother's wedding video 2016-02-09
Equality Illinois to host Financial Education Fair 2016-02-09
Tax guide launched to help LGBTQ taxpayers 2016-02-05
World: Marriage in Mexico; hate-crime survey; gay diver retires 2016-02-02
Relationships & the Law Today: Divorce considerations following marriage 2016-01-27
Pope comments on same-sex marriage debate in Italy; DignityUSA responds 2016-01-26
VA revises policies on same-sex spouses; Lambda, AMPA conclude litigation 2016-01-20
 



Copyright © 2016 Windy City Media Group. All rights reserved.
Reprint by permission only. PDFs for back issues are downloadable from
our online archives. Single copies of back issues in print form are
available for $4 per issue, older than one month for $6 if available,
by check to the mailing address listed below.

Return postage must accompany all manuscripts, drawings, and
photographs submitted if they are to be returned, and no
responsibility may be assumed for unsolicited materials.
All rights to letters, art and photos sent to Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago
Gay and Lesbian News and Feature Publication) will be treated
as unconditionally assigned for publication purposes and as such,
subject to editing and comment. The opinions expressed by the
columnists, cartoonists, letter writers, and commentators are
their own and do not necessarily reflect the position of Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago Gay,
Lesbian, Bisexual and Transegender News and Feature Publication).

The appearance of a name, image or photo of a person or group in
Nightspots (Chicago GLBT Nightlife News) and Windy City Times
(a Chicago Gay, Lesbian, Bisexual and Transgender News and Feature
Publication) does not indicate the sexual orientation of such
individuals or groups. While we encourage readers to support the
advertisers who make this newspaper possible, Nightspots (Chicago
GLBT Nightlife News) and Windy City Times (a Chicago Gay, Lesbian
News and Feature Publication) cannot accept responsibility for
any advertising claims or promotions.

 

 

 

TRENDINGBREAKINGPHOTOS

Sponsor
Sponsor
Sponsor
Sponsor
Sponsor
Sponsor


 



Sponsor

About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage



About WCMG      Contact Us      Online Front  Page      Windy City  Times      Nightspots      OUT! Guide     
Identity      BLACKlines      En La Vida      Archives      Subscriptions      Distribution      Windy City Queercast     
Queercast Archives      Advertising  Rates      Deadlines      Advanced Search     
Press  Releases      Event Photos      Join WCMG  Email List      Email Blast     
Upcoming Events      Todays Events      Ongoing Events      Post an Event      Bar Guide      Community Groups      In Memoriam      Outguide Categories      Outguide Advertisers      Search Outguide      Travel      Dining Out      Blogs      Spotlight  Video     
Classifieds      Real Estate      Place a  Classified     

Windy City Media Group produces Windy City Queercast, & publishes Windy City Times,
The Weekly Voice of the Gay, Lesbian, Bisexual and Trans Community,
Nightspots, Out! Resource Guide, and Identity.
5315 N. Clark St. #192, Chicago, IL 60640-2113 • PH (773) 871-7610 • FAX (773) 871-7609.

www.windycitymediagroup.com
[email protected]  •  [email protected]  •  [email protected]

Website Powered by LoveYourWebsite.com