INFO
ALL GAY COUPLES SHOULD KNOW BEFORE BUYING A HOME
Domestic
Partnership
Times
are changing…however slowly. Today in both the United States
and in the State of Florida there is no formal reconigtion
of a domestic partnership or same sex marriage. As gays
and lesbians, it is strongly recommended we use estate planning
and legal documents to protect our assets and the rights
of our partners. These documents need to be prepared by
an attorney familiar with the many issues facing same sex
couples.
You
may think that a Will can help insure that assets are transferred
to your surviving partner.
However,
did you know that – even if you leave your home to your
partner in a valid will – if you have not taken other steps
in advance to protect your partner; he or she could get
hit with a tax bill next year for an amount possibly 3,4,or
5 times higher than you had paid if you enjoyed the valuable
Save Our Homes (SOH) tax cap protection of Homestead Exemption?
In many instances, bereaved partners get hit with huge tax
bills, sadly forcing them to sell their homes.
That
is why there are several considerations that should be noted,
not only by members of the GLBT community, but any other
unmarried persons who own property jointly. Florida law
treats legally married couples (i.e. husbands and wives)
differently than other categories of owners. They can apply
for homestead on behalf of their spouses. When they own
property together, it generally creates a “Tenancy by the
Entirety” extending full legal protections to both. Special
provisions of law apply to them during their ownership,
upon transfer of the property between spouses, upon dissolution
of their marriage, or the death of one of the spouses. Most
of these protections are not provided to other joint owners
of property. This is true even if the partners have a registered
as “domestic partners” under any other jurisdiction, as
a marriage between persons of the same-sex performed in
any other jurisdiction is not recognized in Florida.
However,
with proper planning, most of these benefits can be made
available to domestic partners and other categories of owners.
It is recommended you consult with a lawyer who is experienced
in both real estate and estate planning, and who understands
the hurdles in Florida law in respect to the GLBT community.
Every situation is slightly different, and a lawyer can
give you advice best customized to you and your partner’s
financial needs and plan. Please see the Rainbow Network
for Homeowners for a Gay or Gay Friendly lawyer.
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