Now that the dust has settled...

[alfreda89]

...has anyone heard anything definite on what type of arrangements need to be made in Texas for partners, as opposed to married? Does anyone know if our gay friends have any rights left? As in, can they choose to leave their assets to anyone they choose?

I'm thinking it's time to redo my will, and am wondering about the situation for others--do those with paper arrangements to share a house equally, with survivor benefits, no longer have that--even though they're not gay?

Comments

[incandragon.livejournal.com]

They have, as the proposition stated, the same situation as before ... just a bumpier road to fix the problem. And it is, in a country that cites its freedom on every bumper sticker, a problem.

The solution is (largely) to create a corporation with your partner. All personal assets belong to the corporation, and the tenets of the corporation are outlined explicitly. Then do a double-backup by making your will as explicit as possible.

That covers the assets. Then you need to establish powers of attorney, in all the various forms, and assign them to your partner. Power of medical, power of legal, power of whatever else you can find.

It's easier and a whole lot cheaper to just get married, if that's an option. Marriage costs about $50, last I checked. Incorporation costs more than $2000. But for those that aren't legally allowed to marry, they really should get their assets covered ... bad things do happen, and nothing brings out the nasty in family as money left on the table.

[alfreda89.livejournal.com]

Thanks--I'll pass it along. How's Seattle? I didn't call anyone about getting together because I thought we were decorating Nancy's tree today, but she said you were in Seattle and she was trying to work around my drug increase (a worthy consideration, but a useless attempt, since they still haven't upped the drug.) We would have called you last night--we had an Artz atack!

[oliana0.livejournal.com]

Easier than incorporating, write a will, and state who is to get what; will work in most cases. I can leave what I want to anyone regardless how I know them. In fact, I've just considered leaving some random item to various celebrities to see what happens. Of course, I'd be dead; there's a slight flaw in my logic.... They just need to make sure the family knows and get good trustworthy witnesses.

Only difference is that all property transferred to a spouse is exempt from estate taxation, though these days the amount you need to leave is in the multi-million dollar range to even begin to hit estate tax.

[alfreda89.livejournal.com]

Only difference is that all property transferred to a spouse is exempt from estate taxation, though these days the amount you need to leave is in the multi-million dollar range to even begin to hit estate tax.

This is the truly unfair part--the partner pays off the medical debts, and then has to sell the house, for example...