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You meet, fall in love, marry and your troubles are over.
That's the traditional take on life - at least from an estate planning perspective. But, according to the 2000 U.S, Census, married life is falling out of favor, while the number of unmarried, committed partners is increasing. The Census shows 600,000 same-sex couples and 4.86 million unmarried couples, while the total in the married segment has dropped by 52% since 1990.
The stereotype of unmarried couples also has been shattered. The elderly - many widowed - are living longer and forgoing a second marriage in exchange for a live-in partner in order to retain their Social Security and retirement benefits.
Candace M. Pollock, an estate planning attorney and partner in Hahn & Pollock LLC in Cleveland, speaks frequently on estate planning topics and co-authored with Peggy R. Hoyt, an estate planning attorney in Florida, "Loving Without a License - An Estate Planning Survival Guide for Unmarried Couples and Same Sex Partners".
She discussed recently the estate planning issues unique to unmarried and same-sex couples.
Q What are common mistakes unmarried committed partners make in terms of estate planning?
A A lot of people think they don't need to do estate planning because they don't have much, their estate is not big or they think they have a simple estate.
The fact of the matter is whether you mindfully create a plan, or create a default plan by not taking active steps, you have a plan. But (that plan) may not serve your needs in a crisis, and you may lose opportunities to save money and enjoy a longer life span - one that may not include good health.
Commingling assets for married couples is common and doesn't trigger any potential tax consequences....