Domestic
partnerships are a hybrid of estate planning.
They combine the legal theory of Texas Partnership Code and Texas Trust
Code crafting the documents to mirror protections put in place under the Texas
Family Code.
A domestic partnership is a legal contract between two competent adults
being of the opposite sex or the same sex.
The contract defines the parameters of the relationship, the means
of support during and after the relationship, asset protection mechanisms,
and various protections meant to ensure legal protection for both parties
to the contract.
Often
the domestic partnership starts with the domestic partnership contract.
This contract incorporates other documents to include trusts, wills,
and ancillary documents.
The trust is created to hold ownership of real estate and other assets
that are considered to be community property to the relationship.
The trust agreement is drafted with the proper protections and failsafe
mechanisms to protect both parties’ interests.
Often an additional trust in drafted to hold title to insurance policies
for both parties thus avoiding possible estate taxes upon death of one or
both of the members.
Additionally,
the partners execute Statutory Durable Powers of Attorney, Powers of Attorney
for Healthcare, Designation of Guardian, Directive to Physician, Disposition
of Remains, and Hospital Visitation Authorization.
These documents ensure that the partners’ wishes are followed even
in the event of later incapacity of eventual death.
These are better known as ancillary documents and should accompany
any same sex or non-traditional family planning such as the domestic partnership.
Our staff is prepared to handle these matters and even teaches on the issue.
You may also consider enrolling yourself and or your partner in one of our
classes through Leisure Learning Unlimited. The webpage for the organization
is www.llu.com.
