If you’re like most people you hear the term “life insurance” and immediately start contemplating your dinner plans or reminiscing about your last vacation. Let’s face it – the topic of insurance doesn’t generally captivate audiences. Although having adequate life insurance is important for most couples, unmarried couples should particularly consider how life insurance can help… Continue Reading
Category Archives: Financial Matters
Wrap up of 2012
As you may know, I write this blog because I love educating those in our community about how to protect their families. Why then haven’t I written since September? Because in September both of my parents fell in and both died in November. Given the travel between hospitals in California and Minnesota and handling client… Continue Reading
Dead Father to Gay Son: Marry a Woman or Lose Inheritance
Manhattan Criminal Court Judge Robert Mandelbaum is trying to overturn his father’s will that says he must marry the surrogate mother of his child. However, Robert is already married to a man, Johnathan O’Donnell, reports the Daily Mail. Frank Mandelbaum, Robert’s late father who died in 2007, had set aside a $180,000 trust for his… Continue Reading
Grantor Retained Income Trust: An Option for Nontraditional Couples
I’m asked quite often how I feel about the state-by-state recognition of same-sex marriage. On one hand, I’m delighted to see it happening at all, but the attorney in me can’t help but see all of the headaches come tax season. There is no Federal recognition for same sex marriage. That means doing tax returns… Continue Reading
Should I Add My Child to My Account, Part I: Understanding the Perils of Adding Another Person to Your Bank Account
I recently met with a client who informed me that her daughter had financial power over her matters. ”You mean she has a power of attorney?” I inquired. She responded that “No. She has signing authority on my accounts.” After several more questions I discovered that her daughter was a joint account holder on her… Continue Reading
Gay Marriage and Inheritance Rights, Part 4: Wrestling With Issues Related to Probate Decision to Allow Inheritance From a Gay Spouse in a State That Doesn’t Recognize Such Marriages
This series of posts examines the unique case brought before the Hennepin County Probate Court in which a same sex spouse sought inheritance rights over $250,000 worth of assets from his deceased spouse’s estate. Recall that Mr. Morrison and Mr. Proehl were legally married during the brief window in California and later returned to Minnesota – a… Continue Reading
Inheriting From a Partner Case Study, Part 2
In Part I of this series, I discussed the facts of the unique case of Thomas Proehl and James Morrison, a male couple who legally married California before returning to Minnesota. Mr. Proehl died suddenly of a heart attack leaving a combined $250,000 in an insurance policy without a named beneficiary and a solo bank account. So,… Continue Reading
Are You Set Up to Inherit From Your Partner; Case Study Part I
A Probate Court in Minnesota is set to rule on the issue of whether gay couples who are legally married in another state but reside, and die, in Minnesota may inherit from their same-sex spouse. Because this is such a major case for my numerous unmarried clients, I will be drafting several blog posts on why… Continue Reading
The Power of Attorney, Part 2: How It Works
My prior post explained what a Power of Attorney is and how it works. But you need to know more about this powerful tool. For instance, how do you create one? And what powers does it grant to your agent? Whom should you choose as your agent? How do you create a power of attorney?… Continue Reading
The Power of Attorney, Part 1: Crucial for Non-Traditional Estate Planning
A will is a critical part of your estate plan, but it is only useful after your death. To protect yourself in the event that you are unable to speak for yourself, you must do more. If you are incapacitated there are two main areas in which you need someone else to have the right to… Continue Reading