thread: 2006-08-31 : I think my expectations are screwed
On 2006-09-03, Valamir wrote:
For this reason, many people in (very) non-standard household situations form limited liability corporations. It is a way to take part in those benefits and protections that is recognized by the state. Nothing to do with the reproductive unit, but instead the economic one.
This is VERY true. In fact its one of the fastest growing areas in the Financial Planning world right now, although one largely flying under the radar.
Standard defaults set by Federal or State law for health benefits, custody, asset ownership, tax payment, inheritance etc. assume a nuclear familiy, which in most state laws assume married couple of opposite genders.
People in non-standard relationships...even long term couples who simply aren't "married" under the law (living in non common-law states) run into these issues.
A big one is that a spouse automatically takes possession tax free all of the joint assets when the other spouses passes away. Not true if you're in a non standard relationship. But there are many fun and interesting ways to structure property ownership to get around these laws.
Which of course begs the question...what's the purpose of having a law structured a certain way when all its takes is a smart lawyer to completely legally circumvent it anyway...why not just change the law and eliminate the extra hoops?
Answer: Its all part of the Full Employment for Attorney's and CPA's Act which, while not a real law, is responsible for most of the sillyness.
