I’m being contacted by an increasing number of non-traditional families these days…with good reason.
Non-traditional families are becoming the one of the biggest demographics in America. Whether gay or lesbian (legally married or not), divorced with children, “significant others” living together, etc., all of us know people in this arrangement. Considered abnormal just a few years ago, this is rapidly becoming the most “normal” type of family in America.
This is especially significant when people are planning their estates…because, until recently, this was uncharted territory. Elder Law attorneys now have new tools in their toolboxes for these families. But if you don’t plan accordingly…you’re running a huge risk.
One of the biggest differences in tax-planning is that non-traditional families have no marital deductions. Married couples, on the other hand, can give money to each other, combine their assets, name each other as beneficiaries, and hold property and bank accounts jointly.
In a non-traditional family, if one partner contributes more to the household, and an effective plan is not in place, the partner who earns more could actually be taxed if the larger contribution is considered a gift by the IRS!
Most non-traditional partners believe that joint tenancy, with right of survivorship, is the obvious choice. But that’s not always the case!
In addition, title to the property can also affect taxes on the property. In Florida, the transfer of property between unmarried partners can result in reassessment of property taxes. ..even if it was held in joint tenancy!
Confusing? You ain’t heard nothin’, yet!
Estate planning for non-traditional families is a minefield, fraught with traps. But we can get you through it.
At The Law Offices of Alice Reiter Feld & Associates, we’ve been walking South Florida families – both non-traditional and traditional – through the Elder Law minefield for 34 years. And we’ve helped thousands of them establish estate plans appropriate for them – with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.
We’ll get you through the Elder Law minefield. And we’re just a phone call away.