Sunday, December 26, 2010

COSTS $$$ for being a Gay Couple. . . .

Your Money - The Higher Lifetime Costs of Being a Gay Couple - NYTimes.com

Show Details
http://www.nytimes.com/2009/10/03/your-money/03money.html?ref=your-money&src
=me&pagewanted=all


Thank God you are in Massachusetts!:)

5 comments:

JustinO'Shea said...

YES, Thank God, we live in Massachusetts! We could afford to marry and live here. . . someday. . .
justin

Richard said...

Actually, being in MA or any other state where gays may legally marry doesn't really get you that much as far as the tax laws are concerned. You must still file separately, you may not benefit from the partner's Social Security, you may not receive the partner's 401(K) or IRA without paying taxes on it, and on and on. Unless and until the federal Defense of Marriage Act is repealed, gays will still be second-class tax citizens.

Stew said...

We've accepted that we are to be treated as seperate and the added expense of that.

I would love to add his name to my home title, but to doo so would require us to refinance at a higher rate and since the town's reorganization is recent, we'd also loose our grandfather clause on the taxes and be required to pay more annually.

Also looking after my parent's finances, I see that if my father dies first, my mother will continue to receive my father's pension. We however, will not see that kind of benefit. Nor surviving spouse SSI payments.

It's everyone for himself.

Gary Kelly said...

In Oz, a retired married couple (male and female) receives a combined pension, which is less than two single pensions added together. Some married couples divorce and live together as singles in order to get more money.

I have no idea how that affects wills and other issues in relation to married couples though.

Richard said...

Stew, have you seen a lawyer about this? You may still be able to change the title to joint tenancy with right of survivorship without refinancing. That form of joint tenancy allows the property to go to the surving partner automatically. Of course, the surving partner has to pay taxes on the deceased partner's half. Even if you have to refinance, that may not be so bad, depending on when you took out the original mortgage. 30-year rates are at a near all-time low.