April 22, 2013
Financial Hurdles for Gays and Lesbians
Discover how members of the lesbian, gay, bisexual and transgender community can address the significant financial hurdles they face compared to their heterosexual counterparts.
Members of the lesbian, gay, bisexual and transgender community often face significant financial hurdles. They can incur higher costs for everything from income taxes, to employee benefits, to adoptions.
A few examples:
- Even in states where gay marriage is legal, couples must file separate federal tax returns in addition to their joint state returns, thus requiring two sets of tax calculations.
- Work-provided domestic partner benefits are considered taxable income.
- Same-sex partners often aren't entitled to equivalent retirement or survivor benefits, such as Social Security and pensions.
- And estate and inheritance tax treatments are much less favorable for gay couples.
Bottom line: LGBT people should consult a financial planner who specializes in these issues.
- What Healthcare Reform Means to You
- Is the IRS Marriage Penalty Real?
- LGBT Couples Often Face Additional Financial Hurdles
- Knowing Which Financial Records to Save and Toss
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