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A Top-Ten Checklist
[By Staff Writers]
The Gay and Lesbian Medical Association [GLMA] represents the interests of more than 70,000 gay, lesbian or transgender [GLBT] physicians and medical students. GLMA was founded in 1981 as a network to combat homophobia within the medical profession www.Gay.com
And, gay rights advocates had reason to celebrate on both coasts recently, with New York set to recognize same-sex marriages performed elsewhere, and California preparing to begin issuing marriage licenses to gay couples in June.
Link: http://www.msnbc.msn.com/id/24857315
Partnership Checklist
And so, the top-ten financial planning issues listed below should be discussed with all domestic partners contemplating marriage or even co-habitation.
Moreover, the physician partner of a gay/lesbian couple should consult a financial planner, and attorney, with experience in alternative lifestyles when appropriate.
1. Wills
A. Is any property jointly held?
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B. Are there any children? If so, are the children from the domestic partnership or previous partners/spouses?
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C. What bank accounts and investments should be considered?
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2. Life insurance
A. What type of policy or policies is appropriate for the couple?
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B. Does the couple own a home and have a mortgage to protect?
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C. Do the families of each person approve of the relationship? If not, should “crossover policies” be obtained?
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3. Bank accounts
A. How are the banking and bill-paying set up?
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B. Are any changes needed?
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4. Trusts
A. Is a trust appropriate?
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B. Does the couple have an estate problem?
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C. Are there joint assets that should be split between beneficiaries?
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5. Deductions
A. Who is entitled to the itemized deductions?
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B. What percentage does each partner pay?
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C. Is one partner eligible to be the dependant of the other?
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6. Capital assets
A. Were there any sales of jointly held capital assets?
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B. Under whose Social Security number are the gains reported?
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C. Is a nominee Form 1099 necessary?
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7. Durable powers
A. Medical (file with all doctors)
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B. Financial (file with tax professional and investments)
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8. Pensions
A. Who is the beneficiary?
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9. Asset ownership
A. How is the title held?
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10. Children
A. Dependents—who gets the deduction?
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B. Head of household considerations
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Conclusion
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- INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
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Filed under: Financial Planning, Monthly Reports, Surveys and Voting | Tagged: Gay and Lesbian Medical Association, gay physicians, GLBT, GLMA, homosexual doctors |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
HIE
Did you know that the second annual Healthcare Equality Index [HEI] rates 88 U.S. hospitals on their policies and practices related to the gay, lesbian, bisexual and transgender community?
The HEI focuses on five main policy criteria: patient non-discrimination, hospital visitation, decision making, cultural competency training and employment policies.
In the 2008 Healthcare Equality Index 45 hospitals reported GLBT-inclusive policies and practices for every one of the 10 HEI rating criteria.
Link: http://www.hrc.org/issues/hei.asp
Your thoughts are appreciated?
-Staff Writers
Executive-Post
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Gay Rights
President Obama recently mandated that nearly all hospitals extend visitation rights to the partners of gay men and lesbians and respect patients’ choices about who may make critical health-care decisions for them, This is perhaps the most significant step, so far, in efforts to expand the rights of gay Americans.
http://online.wsj.com/article/SB10001424052702304510004575186893862169492.html
The ME-P; while not generally a supporter of the Obama Administration, applauds this move. The new rule will affect any hospital that receives Medicare or Medicaid funding, a move that covers the vast majority of the nation’s health-care institutions.
Hope Rachel Hetico; RN, MHA, CMP™
[Managing Editor]
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Same-Sex Couples Face Maze Of Financial Issues
Because same-sex marriage laws differ depending on jurisdiction, doctors and their financial advisors need to get educated on how to navigate the increasingly complex financial issues facing the lesbian, gay, bisexual and transgender community.
http://www.fa-mag.com/fa-news/10911-lgbt-family-finances-full-of-issues-.html
This is more important than ever after the recent Obama emergence and Biden enlightenment.
Duane
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Supreme Court Ruling Extends HIPAA Provisions to All Married Couples
Since the U.S. Supreme Court ruled in June 2013 that the portion of the federal law defining “marriage” as a legal union between a man and a woman was unconstitutional, federal agencies have been reviewing their regulations to see which may need to be altered to grant certain rights to married gay couples. Last month, the HHS Office for Civil Rights (OCR) issued guidance clarifying that, as a result of Windsor v. United States, the definition of “marriage,” “family” and “dependent” in the privacy rule was expanded to include same-sex couples who are legally married.
Given the ruling on the Defense of Marriage Act, these terms “apply to all individuals who are legally married, whether or not they live or receive services in a jurisdiction that recognizes their marriage,” according to the OCR guidance, which was published on Sept. 17. This expansion is particularly relevant as it means that even states that do not recognize gay marriage must ensure that they honor all HIPAA protections associated with these terms.
Source: Report on Patient Privacy [October 2014]
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Transgender Patients
Calculating the Actual Cost: http://www.managedhealthcareconnect.com/article/transgender-patients-calculating-actual-cost
Bruce
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