From Booklist
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
Product Description
THE FIRST FINANCIAL GUIDE TAILORED EXCLUSIVELY TO LESBIAN AND GAY COUPLES ON HOW TO PROTECT THEIR ASSETS WHEN LAWS FAIL
Lesbian and gay couples can achieve solid, long-term financial security--but they need to arm themselves with foresight, awareness, and facts. That's what this book is all about. Now, drawing on more than twenty years' experience as a financial adviser to lesbian and gay couples, Harold L. Lustig has written the definitive financial guide for you and your partner.
Through Lustig's four easy-to-follow steps to economic security--PLAN, PLAN, PLAN; PROTECT WHAT'S YOURS; THINK COMMUNITY; USE NON-CONVENTIONAL WISDOM AND TAKE ACTION--this invaluable book gives you workable financial strategies and up-to-date information on
- Estate planning--why it's especially vital for you and your loved one
- Tax advantages available to you--and not to legally recognized couples
- Reducing your tax load through charitable contributions and shifting assets
- A domestic partner agreement--why it is critical to your financial well-being
- Avoiding the "gay penalty" on long-term health care and retirement plans
- Tips for funding a college education--without dropping into the red
- Reentering the job market when you are HIV positive
- Buying and fine-tuning disability insurance
- The facts about joint ownership
And much more!
Despite unfavorable laws, you can protect your assets, provide for retirement, avoid discriminatory penalties, and ensure that you and your partner enjoy and share what you've earned together. From building and transferring wealth with life insurance to creating documents that protect you when marital laws do not, this clear, smart, practical guide provides the essential financial information that every lesbian and gay couple needs and deserves.
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