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 2017-06-21
DOWNLOAD ISSUE
About WCMG Publications News Index  Entertainment Features Bars & Clubs Calendar Videos Advertisers OUT! Guide    Marriage

Sponsor
Sponsor

  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

Gay News

Springfield, Illinois, bishop issues edicts against Catholics in same-sex marriages 2017-06-22 - Bishop Thomas Paprocki of Springfield, on June 12, published extensive guidelines that could curtail participation by married LGBT persons in his diocese's parishes. ...


Gay News

World: German visas, Scottish Church OKs marriage, G-A-Y incident 2017-06-13 - Germany has begun granting gays from Chechnya special visas on humanitarian grounds following reports that gay people are being tortured and killed in ...


Gay News

HRC reviews workplace index at presentation 2017-06-11 - People might like to know whether that job offer you just received is with an LGBT-supportive firm. They may—or may not—also like to ...


Gay News

Chicago gay couple fights for marriage rights in Panama 2017-06-07 - While this month's United States pride festivities will take place for the second year in an era of marriage equality, for LGBTQ communities ...


Gay News

National: Edie Windsor, U.S. Rep. Scott Taylor, iconic gay bar destroyed 2017-06-06 - Marriage-equality champion Edie Windsor will be honored with The Trevor Project's Icon Award at the 2017 TrevorLIVE New York fundraising gala on June ...


Gay News

Taiwan first Asian country to OK marriage 2017-05-24 - On May 24, Taiwan's constitutional court ruled that same-sex couples have the right to legally marry—making it the first Asian country to approve ...


Gay News

'Freedom to Marry' shows Evan Wolfson as marriage architect 2017-05-24 - Widely considered the "architect of same-sex marriage," Evan Wolfson and his colleagues led a decades-long battle to win equal rights for LGBT people, ...


Gay News

World news: Canadian stamp, Pride festivals, Bermuda OKs marriage 2017-05-16 - The latest Canada Post stamp commemorating Canada's 150th birthday pays tribute to the fact that same-sex couples have the right to get married ...


Gay News

TRAVEL IN ILLINOIS Oak Park: The Village Wright Built 2017-05-10 - With his renowned home and studio in the heart of its historic district, Oak Park has long been a good launching pad for ...


Gay News

TN Governor Signs Bill Undermining Protections for LGBTQ People and Women 2017-05-05 - WASHINGTON, D.C. — Today, the Human Rights Campaign ( HRC ) released the following statement condemning Tennessee Governor Bill Haslam's decision to sign ...


 



Copyright © 2017 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

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.