Wednesday August 13, 2008 - Same Sex Marriages: Estate Planning

[0:00] ..." The implications of gay marriage that's the topic here on WBZ news radio 1030 with certified financial planner -- and as we've learned. There could be 123. Sets of rules that gay marriages are covered by -- they were looking"...

[1:22] ..." check everything you own and we to -- designated beneficiary. By -- retirement plans profiteering plant's life insurance policies annuities they need to be updated. You want them to compliment your current thinking and plants a document will need you still alive is adorable -- turning we've talked about this and -- times. This document allows someone to acting your behalf legally and financially. Person be able to fight your tax return sells stocks and mutual funds. Collect rent from your tenants make repairs in your house and -- if you're not able to"...

[0:00]" The implications of gay marriage that's the topic here on WBZ news radio 1030 with certified financial planner -- and as we've learned. There could be 123. Sets of rules that gay marriages are covered by -- they were looking at a state plan when analysts. As newlyweds. They cannot rely just solely in the laws of Massachusetts to protect them. Katrina agreement in -- frank discussion about finances should be part of the wedding planning. Unita will for starters a motion to designate -- you would like your assets distributed upon your death. If you have children what you want to -- your kids in your news bounce or do you what your sister. If you don't specify regarding your will the courts will decide who history your kids. Trust -- one way that you can tamper proof with your your state planning. If you want something that -- mess with this is it a radical living trust will allow you set up the trusting your name you'll be the creator of the trust. The trustee and the beneficiary of the trust you would name a successor trustee if you could not handle the duties of being a trustee you would name your ears here as well. On your -- the successor trustee distribute your assets according to your wishes. The trust does not need to go through probate. Like a willow does so the whole event is kept private and it becomes much harder for relatives to challenger decisions not impossible but much harder much harm him. She need to check everything you own and we to -- designated beneficiary. By -- retirement plans profiteering plant's life insurance policies annuities they need to be updated. You want them to compliment your current thinking and plants a document will need you still alive is adorable -- turning we've talked about this and -- times. This document allows someone to acting your behalf legally and financially. Person be able to fight your tax return sells stocks and mutual funds. Collect rent from your tenants make repairs in your house and -- if you're not able to do sell. Now another documents health care proxy so important in this type of relationship. The document -- she choose another person to act on your behalf to make medical decisions for you if you were incapacitated. Your proxy should be willing to be an advocate for you lobbying and your behalf to carry actor wishes. Not his or her own or someone else's and a lot of those documents are applicable to gay couples and straight couples as 1 yes from all couples okay. Check the website WBZ -- thirty dot com more tomorrow here on WBZ news -- temporary."