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www.galbraithlaw.com
INDIANAPOLIS
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Fishers, IN 46037
317.578.1400
317.578.0207 fax
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Naples, FL 34110
239.593.0996
239.593.4623 fax
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Marital Matters
Whether you have been married 60 years or are just tying the knot,
taking time to make proper legal plans for your future may not be a top
priority for you. This could create major headaches (and expenses) in
the midst of your marital bliss. In this article, we will consider how
some basic legal planning now can pay off big later on.
In Sickness ...
As part of their vows, most married couples promise to take care of one
another in sickness, as well as in health. If you were sick to the point
of incapacity, however, would your spouse be able to access your medical
records and determine the course of your treatment? No, unless you had
given your spouse prior authority through proper legal instruments. This
is due to the physician-patient privilege, a legally-protected
relationship that can only be waived by the patient.
In addition to health care matters, your spouse would be
stonewalled regarding important financial matters. For instance, during your incapacity your spouse could not
legally sign your name to a tax return, a real estate deed, or continue
to make gifts on your behalf. Now is the time to make proper legal plans
while there is still time.
Until Death ...
No one likes to sit around thinking about their
own mortality, let alone that of their spouse. Nevertheless, death is
inevitable for us all. While proper legal and financial planning cannot
alter that shared destiny, it can make things easier on your spouse and
other loved ones.
Have you made proper legal arrangements for the
smooth transfer of your assets for the benefit of your spouse? Will
those arrangements avoid unnecessary court involvement, expenses and
federal estate taxes? Without proper planning your final legacy to your
spouse and loved ones could be a big financial mess.
Bad
Heir Day
Most American families today are blended
families, as a result of divorce-remarriage or death-remarriage. As a
natural consequence, it is likely that someone will be unintentionally
disinherited following your death. Proper legal planning, often in
tandem with proper life insurance planning, can eliminate this risk.
Regardless of your unique family dynamics, it is crucial that you make
proper plans for the long-term protection of the inheritance you leave
behind. Without proper planning, your life's work could be squandered by
our spouse's next spouse. Even if that does not occur, it could be
squandered by your heirs or lost to their divorces lawsuits and
bankruptcies. Only proper long-term protection arrangements for the
inheritance can ensure that it becomes a blessing and not a curse after
you are gone.
Conclusion
Marriage is a wonderful institution, with many
rewards and responsibilities. A wise sage once observed that a marriage
may be made in heaven, but that the maintenance must be done on earth.
As part of your earthly marital maintenance program, make sure your
legal planning is current and appropriate for your unique circumstances.
This
publication does not constitute legal, accounting or other professional
advice. Although it is intended to be accurate, neither the publisher
nor any other party assumes liability for loss or damage due to reliance
on this material.
Copyright © 2004 by Integrity Marketing
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