Business finance gay lesbian tax

This week, financial information website NerdWallet launched a tool to help LGBT partners work through the tangled financial, legal and tax complications implicit in their relationships. The Same Sex Couples Planning Tool lays out necessary documents, tax issues and tips on how to navigate housing, insurance and retirement decisions as well as the patchwork of regulations across various states. LGBT families are increasingly finding financial planning options that seem tailor-made for their unique situation. One website lists members of a network of financial advisors who are gay, lesbian or willing to work on LBGT issues. Business Insider has a financial checklist for same-sex couples that deals with snarls involving property, estates and more. Other resources include PridePlanners and Lambda Legal.

Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. To get the free app, enter your mobile phone number. 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.

These can affect your finances in different ways and create lots of paperwork. Gay and lesbian couples living in the six states plus Washington, D. If you live in a state that recognizes your union, you may have to maintain, in essence, two tax identities. Regardless of how you file, these complications will increase your costs. I recommend that newlyweds not strike out on their own before meeting with an accountant at least once.

Married in California in , they had coverage through Weatherly's workplace. Even when legally married, a patchwork of state laws, combined with a federal law that bans recognition of such unions and varying corporate policies, makes a range of financial matters more complex for gay and lesbian couples than for their straight counterparts. Take taxes. In states that recognize same-sex unions, couples may file joint state returns and claim the benefits offered married couples.