Embed Size (px)
Citation preview
TheRed State Blue State
Perspective
How Community Property Affects You and Your Practice, Even Though You Think it Doesn’t!
How Community Property Affects You and Your Practice, Even Though You Think it Doesn’t!
Jan Copley and Brad Wiewel
The Gathering February 27, 2009
2
Community Property Basics: Pop Quiz
• Which states? • What % of population?
3
• Separate Property– Owned by spouse– Forced share– Brought into marriage
by gift or inheritance
• Community Property– Earned during marriage– Each spouse owns ½– Each spouse has right
to control whole– No forced share rights
What is Community Property, Exactly?
4
Let me tell you a real-life story
That’s Not So Hard!So What’s So Special About It?
5
Another real-life story!
How Do You Decide What’s What?
6
• Divorce– Spouse’s share of
community property distributed to him/her
– Includes interests in retirement benefits, insurance policies
• Death– Spouse’s share of
community property distributed by will or trust (not necessarily to survivor!)
What Happens to the Stuff?
7
• Retirement Benefits
Special Assets
8
• Insurance Policies
Special Assets (cont.)
What if one spouse has a secret?
9
• Name some problems!
Life Insurance Trusts
10
• People move around
• What are Diedre and Bennett gonna do?
The Mobile Community
11
• Living together?
• Domestic partnerships?
• Same-sex marriage?
Modern Love
12
PUBLIC LAW 104–199—SEPT. 21, 1996 110 STAT. 2419Public Law 104–199
104th Congress
An Act To define and protect the institution of marriage.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Defense of Marriage Act’’.
Defense of Marriage Actaka Defense Against Marriage Act
Thank You For Joining Us
300 North Lake Avenue
Suite 920
Pasadena, CA 91101
Phone: 626-568-4020
Fax: 626-568-4025
Email: [email protected]
Web: www.jancopley.com
Jan CopleyAttorney at Law
1601 Rio Grande
Suite 550
Austin, TX 78701
Phone: 512-480-8828
Fax: 512-480-0888
Email: [email protected]
Web: www. texastrustlaw.com
Brad WiewelAttorney at Law
PowerPoint Presentation by SmartMarketing 2009
