Windy City Media Group Frontpage News Home
CELEBRATING 29+ YEARS OF Lesbian Gay Bisexual and Transgender NEWS

Search Gay News Articles
Advanced Search
Gay News Sponsor Windy City Times 2015-03-25
Download Issue
  News Index   About WCMG    Publications    Bars & Clubs     Calendar   Videos   Advertisers    OUT! Guide    Classifieds     AIDS @ 32       Marriage
 Local | National | World | Politics | Obits | Profiles | Views | Entertainment | Theater | Dance | Music | Film | Art | Books | TV/Gossip
 Travel | History | Marriage | Youth | Trans | Lesbian | Celebrations | Food | Nightlife | Sports | Health | Real Estate | Autos | Pets | Crime

Knight at the Movies: Spring LGBT movie preview Knight at the Movies: Spring LGBT
movie preview
In spring this middle-aged gay man's fancy turns to—what else?—movies. Looking over ...

Browse Gay News Index   Browse Gay News Archives
  Windy City Times    Download PDF Issue

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

facebook twitter del.icio.us stumble upon digg 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 del.icio.us stumble upon digg 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.

Angie's List drops expansion plan in Indiana 2015-03-28
LGBTQ Poverty Collaborative hosts Chicago meeting 2015-03-26
LGBTQ media confab looks ahead to post-marriage reporting 2015-03-25
Rainbow Wedding Network holds annual LGBT wedding expo 2015-03-24
Puerto Rico no longer defending marriage ban 2015-03-20
Research ranks LGBT numbers in metro areas 2015-03-20
A love affair to remember 2015-03-18
Hilton Orrington hosts first-ever bridal fair 2015-03-17
Presbyterians approve same-sex marriage 2015-03-17
Puerto Rico may drop opposition to same-sex marriage 2015-03-16
GL Chamber of Commerce hires new E.D. 2015-03-16
Potential advocates for marriage equality in the high court 2015-03-11
Gay marriages halted in Alabama 2015-03-11
Emanuel, Madigan join briefs for marriage equality 2015-03-11
Supreme Ct. to hear marriage case April 28 2015-03-11
National roundup: Supreme Court and marriage; trans-inmate motion 2015-03-10
World news: Slovenia OKs marriage; McKellen aims to save gay pub 2015-03-10
Chamber of commerce hosts LGBT wedding expo 2015-03-10
Emanuel, City of Chicago join other mayors backing marriage equality 2015-03-06
IL Atty Gen. Lisa Madigan joins amicus brief for marriage equality 2015-03-06
Freedom to Marry files amicus brief for U.S. Supreme Court 2015-03-06
Report shows 700,000 Americans part of a same-sex couple 2015-03-05
Supreme Court to hear marriage equality cases on April 28, 2015 2015-03-05
Local entertainment: Queen Latifah; Madonna; Gay horror-movie screening; gay marriage exhibit 2015-03-04
National news shorts: Wedding in Texas; Autopsy, report differ; Gay priest dies 2015-03-03
National roundup: Marriage in Ala. and Neb.; trans suicide 2015-03-03
Gay marriages halted in Alabama 2015-03-03
People's brief for marriage equality to go to Supreme Court 2015-03-03
AMPA to SCOTUS: Marriage inequality harms military families 2015-03-03
Jeb Bush maintains anti-marriage equality stance 2015-02-28
Ohio marriage case brief filed at U.S. Supreme Court 2015-02-27
Tennessee couples ask Supreme Court to end checkerboard of marriage laws 2015-02-27
A year of marriage equality shows high demand, diversity 2015-02-25
New rule defining spouse in Family and Medical Leave Act could impact 118,000 2015-02-24
Looming dilemma: Choosing an advocate 2015-02-19
Lesbian couple weds in Texas 2015-02-19
Border crossing: Couple's story of love, marriage, immigration 2015-02-18
Same-sex divorce: When there isn't a happily ever after 2015-02-18
WINDY CITY TIMES WEDDING GUIDE Business Listings 2015-02-18
Advocates and politicians react to proposed budget cuts 2015-02-18





Copyright © 2015 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.

 

 

 

Sponsor
Sponsor
Sponsor
Sponsor
Sponsor
Sponsor


 

ALMA names recipients of Young Latino Leaders for Creating Change scholarship
 
NUNN ON ONE: TELEVISION Taryn Manning dishes on new music, 'Orange Is the New Black'
 
Ald. Emma Mitts videotaped making anti-LGBT comments
 
PASSAGES Carl Sharp
 
New BYC location among Howard Brown meeting announcements
 
Windy City Times Current DownloadNightspots Current DownloadQueercast Current Download
Windy City Media Group BlogsJoin Our Email List!Donate Now
Sponsor


Sponsor

  News Index   About WCMG    Publications    Bars & Clubs     Calendar   Videos   Advertisers    OUT! Guide    Classifieds     AIDS @ 32       Marriage
 Local | National | World | Politics | Obits | Profiles | Views | Entertainment | Theater | Dance | Music | Film | Art | Books | TV/Gossip
 Travel | History | Marriage | Youth | Trans | Lesbian | Celebrations | Food | Nightlife | Sports | Health | Real Estate | Autos | Pets | Crime



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.