Financial Planning Tip of the Week/Domestic Partners: By Jennifer R. Figurelli, CTFA

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1 out of every 20 households in the US consists of unmarried or domestic partners.    Unfortunately, in the State of Florida, the legal advantages that are available for married couples do not apply to couples who are living as domestic partners.  However, there are some ways that a couple can prepare ahead of time to help avoid, or minimize a financial crisis.  Under the advice of a qualified estate planning attorney, the couple can have documents in place to not only carry out their individual wishes, but also serve to provide the couple with some legal protection.   These documents include, but are not limited to:  A Domestic Partnership Agreement, Last Will and Testament, Durable Power of Attorney, Health Care Power of Attorney and a Living Will.  Couples should also seek the advice of an attorney with titling assets, such as a home, as well as updating the beneficiaries on bank and investment accounts.   

Not to be construed as tax or legal advice.   Please consult with a qualified estate planning attorney

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