Kensington Financial is an Independent Financial Advisor who understands both your lifestyle and the particular issues you face.

Most states do not recognize same-sex or unmarried couples in the same way they accord standing to a man & woman married partnership. Surviving same sex partners could lose financial ground and have virtually no legal standing UNLESS the proper plan is put in place.

Call today to discuss the effects specific to your situation and to find out how we can assist in advising and securing financial freedom and security for you, your Partner, and your Family.

YOUR RIGHTS AND RESPONSIBILITIES

Wills
Transfer on Death Registration (TOD)
Pay on Death Registration (POD)
Disability and Life Insurance
Long-Term Care Insurance
Trusts
Power of Attorney
Retirement Planning
Estate Planning
College Planning
401(k)s

Wills

If you do not complete an official will, your partner may have no rights to your estate.
If you don’t complete an official will, your estate will pass directly to your family – bypassing your intended heir or heirs.
If you don’t complete an official will and have no family your estate goes to the state.

An officially, witnessed will is one of the most important documents you will ever sign, the impact of not completing one is not felt by you, but by those loved ones you leave behind.

Same-sex partners are given no automatic rights following their partners’ death. There are many ways both you and your partner can be protected by executing a will.

Transfer on Death Registration (TOD)

The Uniform Transfer-On-Death Security Registration Act allows the owner of securities to register in the title a “transfer-on-death” or “TOD” form.
TOD registration means a quick, probate-free transfer at death.
Avoiding probate means avoiding the costs associated, which include attorneys fees and court costs.
Unlike joint ownership, TOD registration doesn't mean giving up partial control while you are alive.
Permits all stocks, bonds, mutual funds, and other securities to be registered in "beneficiary form".

Ownership in "beneficiary form" can be shown by the words "transfer on death" (TOD) or by the words "pay on death” (POD) after the name of the registered owner and before the beneficiary. Titled this way, the securities then pass to the beneficiary or beneficiaries who survive the owner and are not controlled by the terms of the owner's Will. TOD or POD ownership has no effect on ownership until the owner's death and the beneficiary can be changed or canceled at any time without the consent of the beneficiary.

Payable on Death (POD)
If you die without a will, intestacy laws do not apply to you and your partner. A POD beneficiary designation lets you transfer investments and bank accounts at death without probate. It's free and easy. Call Kensington Financial for advice.

There is a wide variety of options making it very important to seek advice from Kensington Financial Services to ensure that the registration you select fits properly with your overall estate plan.

Insurance
Our depth of experience in the industry is a major incentive for you to do business with us. Kensington Financial has expert knowledge of the products being offered by the Insurance Industry and we carefully select the policies that best suit our clients' needs. We also make it our business to constantly review and update our knowledge of the industry so we can continue to offer our clients the finest products.
When looking into insurance, it is important to feel comfortable about the decision you make. One of the many things you will appreciate is the care we take to share the truth about life, health or disability insurance with you. We believe that the more you know about your purchase, the better you will feel about it.

We will be happy to answer any of your questions and assist you with the application process. We offer an approach to purchasing numerous types of insurances policies, all designed for your special needs –

Review your disability insurance. More homes are lost to disability than death. Most group plans cover you up to 66 2/3% of your income. You can increase this to 75%-80% by purchasing additional disability insurance. Let your Family at Kensington Financial help you with preparing a budget and, together, we’ll see how much you will need, then ask yourself the question, “How will I manage on one income for 2 to 5 years or longer?” Don't forget, it is very important to consider how you will set money aside for retirement and college education during disability, as well.

Consider life insurance. Life insurance products today offer tax-deferred accumulation in mutual fund type investments. Consider using a variable life or variable universal life policy to help save for college while protecting both of you. The best overall strategy is to work with us in putting together a comprehensive Financial Plan, together, we will address your long-term goals & objectives and ask the difficult “what if” questions

Long-Term Care Insurance

Most of us will buy health insurance and insurance for home, car, and other property replacement – however – fewer of us buy long-term care insurance, either not thinking about it or hoping that our savings will be sufficient to meet any associated expenses.

Long-term care is typically needed by the elderly, but it is also required by anyone with a debilitating illness or injury who needs assistance to perform what we consider everyday functions, such as feeding oneself, bathing, and getting dressed. Many folks are incapacitated in early or mid-adulthood either as result of illness or accident.

Like other services covered by insurance, long-term care insurance must be purchased before the insured requires the services covered under the policy.If the need for long term care arises and you don't have insurance, the associated costs will have to be paid out of personal savings or financed by loved ones. If you are unable to afford the cost of hiring care providers, family members may be required to assist you, which means they may have to take unpaid leave from work. By purchasing long term care insurance, you help to ensure that any costs associated with your care are covered, thereby lessening the financial burden on yourself and your family.

As your “Planning Partner”, at Kensington Financial, we can help. As part of a far reaching Financial Plan, Long-Term Care Insurance can be key.

“Planning is everything, the plan is nothing.” Eisenhower

Trusts
If you own assets jointly, don't assume that your partner will automatically receive them if you die. A greedy relative or a homophobic judge may block your intentions. A will and/or a revocable living trust, confirming your intentions, can help protect your family. Kensington Financial is aware of opportunities that exist. Please call for more information.

Durable Power of Attorney (DPA)
If you are hospitalized, your partner cannot make any medical decisions for you unless you are prepared for such a medical emergency. A properly drafted durable power of attorney, for your state of residence, will enable each of you to make binding decisions, one for the other. When you do a DPA, make sure it covers both health care and financial decisions. Keep copies of it in your glove compartment and other known places especially if you go out frequently. Every lesbian, gay, straight, single, or married person should have one. Again, since laws differ and documents have different names, it is critical that you work with an attorney in your jurisdiction who knows same-sex and unmarried family law. Let your Family at Kensington Financial help! Call us for more information.

Retirement Planning
The choices for a long-term retirement strategy are complex. As your “Planning Partner”, Kensington Financial will help you build a successful retirement plan with our knowledge and experience. We help guide key decisions you’ll be making as, together, we map out a plan for your future financial success. A comprehensive retirement plan can help you achieve a more secure financial future.

Estate Planning
Most people have an estate whether it is large or small. An estate is anything you own when you die.

You plan the disposition of your estate by creating and signing certain legal documents. With these estate planning documents you create written directives outlining your wishes and desires for any and all of the following:

You decide who will inherit your possessions when you die.

You appoint someone to make medical and/or financial decision for you if you become disabled.

You get to say who will raise your minor children.

You determine who has the right to visit you in the hospital.

You say who gets to decide what happens to your body after you die.

You plan your funeral and memorial service.

You tell your doctors what medical treatment you want if there is no hope of recovery .

**Because the law does not recognize your relationships YOU must create rights to protect your loved ones!**

If you do not decide these things for yourself, your biological family OR the courts will make these decisions for you!