Five Planning Issues Same-Sex Couples Should Discuss
All couples in long-term relationships should discuss finances however gay and lesbian couples need to even more because of unclear and ever-changing rules.
What is our current situation? Partners need to get on the same page as to their debt, how much and to whom do they owe money. How much do you spend and how much do they save?
What does retirement look like? Both partners should go to socialsecurity.gov to see what type of benefits are available to them and based on ages when to elect income benefits to start.
Should we get married? This is a critical decision. First take a look at wages earned. If both are high wage earners then they would be paying more taxes by remaining unmarried. Also if one partner has a college-bound student remaining unmarried is the better choice as the FAFSA (Free Application for Federal Student Aid) would only include one person’s wages.
What happens to assets when we die? A will, power of attorney and health care proxy are recommended to give clear directives on the wishes of each partner. If unmarried with no will etc, the states laws of intestacy come into play and odds are a blood relative will inherit the estate.