Trusts for Same Sex Couples

Average Americans work 80,000 hours in a lifetime, or 45 to 55 years !n

spite of all the resources an" assets we earn, national statistics in"icate that
80# of Americans "ie without leaving a Trust or $ill There are several reasons
for this% fear of "eath& procrastination& an" misinformation 'people presume that
only the rich or marrie" with chil"ren nee" to have $ills( $hatever the excuse,
it is clear that all same sex couples woul" )enefit from having a Trust or $ill
!n the a)sence of a Trust, $ill or other legal arrangement to "istri)ute
property at "eath, your partner cannot receive any assets an" cannot
a"minister your estate The result can )e lengthy "elays an" other pro)lems
!n"ivi"uals in gay or les)ian relationships nee" properly "rafte" Trusts $ills
an" estate planning "ocuments more than straight persons The pro)ate laws
generally provi"e if a person "ies without a $ill, their property goes to family,
rather than a partner they ha" a relationship with for years or "eca"es
*ro)ate is "efine" as the proce"ure )y which an +xecutor procee"s to
a"mit a $ill to the ,uris"iction of the Surrogate Court, which is prove" to )e
vali" or invali" The term generally inclu"es all matters relating to the
a"ministration of estates There are instances where Surrogate Court
monitoring of the estate is "esira)le -uch has )een written a)out the
"isa"vantages of pro)ate .ollowing are ,ust a few of the pro)lems associate"
with pro)ate
/ack 0f *rivacy
1ocuments file" with the Surrogate Court are pu)lic information They
are availa)le for inspection to anyone who asks Sometimes someone "oes not
want to know who is receiving his or her assets !n large estates, which re2uire
an accounting, your pro)ate file will contain a complete list of all assets "evise"
)y your $ill inclu"ing )usiness assets This lack of privacy may lea" to
pro)lems among family mem)ers who now know the plan of "istri)ution an"
may then contest any provisions with which they "isagree 1isinherite" relatives
an" cre"itors are notifie" an" given time )y the Court to contest the $ill
"istri)ution
Time Consuming
The pro)ate of an estate may take 34 months to several years to
complete
.ragmentation 5 6eal +state
!f you own real property in more than one state, pro)ate rules must )e
followe" in each state in which real property is locate" The cost an" time may
)e increase"

6+70CA8/+ /!7!9: T6;ST
A 6evoca)le /iving Trust is a legal "evice that allows you to maintain
complete control over your assets an" A70!1S *608AT+
8ecause there is no pro)ate of a /iving Trust, your private financial matters
remain private, there are no pro)ate costs, no long "elays an" loss of control,
an" no fragmentation of the estate
<ou -aintain Complete Control 0ver <our *roperty !n Trust
The principle )ehin" a 6evoca)le /iving Trust is simple $hen you
esta)lish a /iving Trust, you transfer all your property into the Trust, an" then
name yourself as trustee, or you can name you an" your spouse as co5trustees
of the Trust The trustees maintain complete control over the property, the
same control you ha" )efore your property was place" in trust <ou can )uy,
sell, )orrow, ple"ge, or collaterali=e the trust property <ou can even
"iscontinue the Trust if you choose That is why it is calle" a >6evoca)le>
/iving Trust $e will explain the >!rrevoca)le Trust> at the en" of the article
Transferring *roperty !nto The Trust
The transfer of title to property into the Trust is a relatively simple matter
Anywhere you have assets, you will get help in transferring your property into
the Trust <our attorney, securities investor, etc, will provi"e you with
assistance nee"e" to transfer your property into your 6evoca)le /iving Trust
<our attorney will provi"e all the information an" assistance you nee" to
properly fun" your Trust
Complete *rivacy
*ro)ate recor"s are pu)lic, your 6evoca)le Trust "ocuments are private
A 6evoca)le /iving Trust will safeguar" the privacy of your family an" your
private financial matters
9aming A Trustee
-ost people name themselves an" their spouse as the initial Trustees of
their Trust This is usually true unless one spouse is incapacitate" to the point
that he or she is not a)le to manage your assets in the same way you "o now
:ifts To Charita)le 0rgani=ations
-any people wish to give a portion or sometimes all of their assets to a
charita)le organi=ation in or"er to carry on the work of those organi=ations that
have given them comfort or peace of min" "uring their lifetimes This is easily
accomplishe" with a 6evoca)le /iving Trust
Irrevocable Trusts
An !rrevoca)le trust cannot )e change" or cancele" once it is set up
without the consent of the )eneficiary Contri)utions cannot )e taken out of the
trust )y the grantor
!rrevoca)le Trust Accounts ?!rrevoca)le trust accounts are "eposits hel"
)y a trust esta)lishe" )y statute or a written trust agreement in which the
grantor 'the creator of the trust 5 also referre" to as a trustor or settlor(
contri)utes "eposits or other property an" gives up all power to cancel or
change the trust
An irrevoca)le trust also may come into existence upon the "eath of an
owner of a revoca)le trust The reason is that the owner no longer can revoke
or change the terms of the trust !f a trust has multiple owners an" one owner
passes away, the trust agreement may call for the trust to split into an
irrevoca)le trust an" a revoca)le trust owne" )y the survivor 8ecause these
two trusts are hel" un"er "ifferent ownership types, the insurance coverage
may )e very "ifferent, even if the )eneficiaries have not change"
Sometimes, persons can avoi" -e"icai" an" nursing home liens )y
settling up an irrevoca)le trust an" waiting @0 months to apply for -e"icai"
$AAT !S -+1!CA!1
-e"icai" is a .e"eral me"ical )ills assistance program that pays me"ical
)ills for eligi)le, nee"y persons !t is a"ministere" )y each state All payments
are ma"e "irectly to the provi"ers of me"ical an" other health care services
The -e"icai"5eligi)le person "oes not pay the health care provi"er for services
The only exception is a patient in a -e"icai"5approve" nursing facility who may
)e re2uire" to contri)ute part of hisBher income towar" the cost of care
-e"icai" typically has a lien on assets you own
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5*ower of Attorney5 to allow your partner or another person to a"minister your
assets "uring your lifetime, either upon "isa)ility or now
5/iving $illsB A"vance 1irective5 to state your wishes concerning me"ical care
in the event of your serious illness an" to allow your partner or another person
to make me"ical "ecisions
.or a confi"ential consult, call C+99+TA 7+6CA--+9 D ASS0C!AT+S, *C
ATT069+< AT /A$ 405E $oo")ri"ge Ave +"ison, 9F 0883G '*hone( GE45
5G45 0500 we)site% wwwn,lawscom
Cenneth A 7ercammen is an +"ison, -i""lesex County, 9F trial attorney who
has pu)lishe"345 articles in national an" 9ew Fersey pu)lications on )usiness
an" litigation topics Ae often lectures to trial lawyers of the American 8ar
Association, 9ew Fersey State 8ar Association an" -i""lesex County 8ar
Association
Ae is a highly regar"e" lecturer on litigation issues for the American 8ar
Association, !C/+, 9ew Fersey State 8ar Association an" -i""lesex County
8ar Association Ais articles have )een pu)lishe" )y 9ew Fersey /aw Fournal,
A8A /aw *ractice -anagement -aga=ine, an" 9ew Fersey /awyer Ae is the
+"itor in Chief of the 9ew Fersey -unicipal Court /aw 6eview -r 7ercammen
is a recipient of the 9FS8A5 </1 Service to the 8ar Awar"
Ae has serve" as a Special Acting *rosecutor in nine "ifferent cities
an" towns in 9ew Fersey an" also successfully han"le" over 0ne thousan"
-unicipal Court an" Superior Court matters in the past 38 years
!n his private practice, he has "evote" a su)stantial portion of his professional
time to the preparation an" trial of litigate" matters Ae has appeare" in Courts
throughout 9ew Fersey several times each week on Criminal personal in,ury
matters, -unicipal Court trials, an" conteste" *ro)ate hearings Ae serves as
the +"itor of the popular legal we)site wwwn,lawscom
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