Weather  
Search Site go
Bill Anderson of Coldwell Banker is one of the elite gay Real Estate agents in Tampa Bay. As a lifelong resident, he truly Sells Tampa Bay with PRIDE.  
EMAIL SIGN UP  
Name:
Email:
 
 

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.

 

     
  Domestic Partnership  
  Top 10 Reasons for Unmarried Partners to Own Property as Joint Tenants  
 
Copyright ©2006 TheGayHomeSource.com Site designed by ReardenKillion Communications

1