Out in the Bay - March 29, 2012
Taxing Topic: DOMA hits same-sex couples right in the assets!
Inequality hits LGBT people right in the assets. Remember all the hype about the “marriage penalty”? Actually, most of the penalties come if you cannot marry. Legal inequities -- especially the federal Defense of Marriage Act -- allow or even require discrimination in taxes, pensions, health care, real estate and much more. At this taxing time of year, financial advisor Mark Grace (photo 2) and estate planning attorney Susan von Herrmann (photo 2) fill us in on the extra steps queer people must take to protect themselves and their families financially. They also give practical tips for anyone – including straight folks – in a relationship not recognized by the U.S. government. Eric Jansen hosts.
Update: This is a rebroadcast. Susan von Herrmann notes that, contrary to her example in the interview, Nevada now offers registered domestic partnership status and may recognize the domestic partnership rights of couples registered in California. However, most states still do not recognize domestic partnerships, so she stresses the importance of having legal and medical documents completed in case troubles out of state.