4 Steps to Financial Security for Lesbian and Gay Couples: Expert Advice for Reducing Your Tax Burden, Increasing Your Wealth, and Protecting Each Other
Because gay and lesbian relationships do not have the same legal status as marriage, many aspects of financial planning do not apply to them. Although several recent guides do discuss those aspects, they mostly consider only the basics: cohabitation agreements, power of attorney, and living wills. Lustig is a San Francisco^-based financial planner whose discerning advice makes this the most comprehensive manual of its kind. His so-called steps are really just categories, but three can be applied by all gay and lesbian couples. "Plan, plan . . . "covers financial myths and principles, estate and tax planning, and financing college education for those couples with children; "protecting what's yours" covers all types of insurance and required legal documentation; and "think community" is devoted to avoiding capital gains taxes and the "gay penalty" in most retirement plans. A fourth section specifically targets those who have recovered from a "terminal" illness. Lustig explains how to reestablish credit, considers the option of bankruptcy, balances the pros and cons of viatical settlements, and details the implications of returning to work. A final chapter emphasizes financial considerations for those who are terminally ill and have a very short life expectancy.David Rouse