As a gay or lesbian couple, legal marriage is currently not available to you in most states. While opposite sex couples may choose not to marry, we actually don't have a choice. As a legally unmarried couple, we lack many of the protections and benefits the law extends to married couples. We must create your own safeguards, like any other unmarried couple. A domestic partner agreement supplemented with other legal documents, such as a will or living trust, durable powers of attorney for health care and finances, and parental rights agreements, may currently be the best approach to protect our rights.
Tip: Massachusetts currently authorizes same-sex marriages between its residents, and Vermont, Connecticut, New Jersey, and New Hampshire starting allow gay and lesbian couples to "marry" in civil union ceremonies. Partners in these relationships gain all the benefits and protections of marriage that these states confer (e.g., inheritance, property ownership rights), but benefits and protections governed by federal law (e.g., Social Security) aren't affected.
Need to plan for a higher level of financial resources
In addition to the usual financial planning challenges all couples encounter, if you lack familial or community support you may face some additional concerns. You may want to plan for a higher level of financial resources to see you through a crisis, a period of disability, or to cover co-payments and deductibles in case of a serious long-term illness. You may also want to consider purchasing disability insurance that replaces a higher-than-average proportion of income, although the tradeoff may be a longer waiting period before benefits start.
Are you and your partner currently maximizing your Federal and State tax situations?
Shockley Tax Advisory brings value to GLBT domestic partners focusing on the following items:
Federal Tax Analysis
Estate Planning
State Tax Issues
Audit Represntation
Head of Household (HOH)
Multiple Tax Scenarios
Kimberly Shockley has over 10 years of Big 4 expertise.
