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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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Filed under: Financial Planning, Monthly Reports, Surveys and Voting | Tagged: Gay and Lesbian Medical Association, gay physicians, GLBT, GLMA, homosexual doctors | 5 Comments »
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