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"GLBTI Weddings PLUS!"

The Blog of the U.S.'s first GLBTI-specific Wedding and Events firm. Discussion spot for clients and visitors to interact with staff and experts, in an informal forum, regarding Gay Weddings or Same-Sex Marriage, LGBT weddings and Traditional weddings and other issues affecting the GLBTI.

Monday, October 02, 2006

For Same-Sex Couples, Financial Planning Is Key
via NY

Surprising a spouse with a new car or extravagant piece of jewelry is an expensive way to express affection, but at least there aren't tax consequences.But gay couples, technically, should file a gift tax return -- gifts worth more than $12,000 come with tax consequences -- so one could imagine the results if an individual decides to retitle a home or a bank account, giving half to his or her domestic partner. These issues, which don't exist for the legally wed, are just the tip of the iceberg, and underscore the importance of careful financial planning, whether you're filing your income taxes or planning for retirement -- regardless of where you live. remain strangers in the eyes of the federal government.

The same issues apply to unmarried heterosexual couples, as well.Same-sex couples need to keep in mind that even though domestic partnerships or civil unions are recognized by some states -- California, Vermont, Connecticut, New Jersey, Maine and Hawaii, while marriage is allowed in Massachusetts -- you remain strangers in the eyes of the federal government.

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