Unmarried Couples

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Yesterday’s news wire said that a gay couple was handcuffed after a kiss on the cheek in:

A. China

B. Saudi Arabia

C. The United States

D. Afghanistan

Click Here: The Answer: C  (Hint: I’s almost always C in multiple choice and of course, it was in Salt Lake City)

So todays blog is a little different because I’m going to give you a preview of a new home study course I’m working on, and I’d like to give “unmarried couples” two things to do TODAY. It seems, as I talk to creative people all over the world, that many of you are “shacking up!”

Whether you have chosen to live with someone in your life without getting married or if it is illegal for you to get married, there are some financial and legal decisions you should deal with as soon as you can. Today, I’d like to give you things you can do without a whole lot of trouble, things that might just give you a little more peace of mind.

The first thing you can do is this: Check your beneficiaries! An untimely death is difficult enough to deal with for your partner, it makes it a lot worse if your IRA account, 401K and life insurance proceeds are left to an Ex or someone who is related to you but otherwise someone you don’t want to end up with your estate. In many cases, beneficiaries are after thoughts when an account is being opened and as you make changes in your life, it’s easy to forget to change them. Contact your financial services firms and make sure that the people who you’d like to see inherit your assets actually do end up with them!

The second tip is have that awful health care discussion and get the paperwork done. You know the discussion, the “pull the plug talk”. Again, having someone who is only related to you by blood make a decision like this is not, usually, desirable. If you want your life partner to make these decisions, see an attorney and have him create a durable power of attorney and living will.

While you are with the attorney, having a will and other legal questions are very much worth discussing in detail. I recommend you find an attorney who has extensive knowledge of estate planning and one who works with unmarried couples.

I hope this helps you out, the principals of the Affluent Artist is that taking care of the money stuff allows you to be even more creative.

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