The High Cost Of Being Gay
Video by kmir6.comvideo
PALM SPRINGS- With marriage equality being heard in the highest court, a local financial expert says he can help same-sex couples save tons of money.
Financial Expert Jim Casey says he's been studying "the high cost of being gay" for years. He says love is not enough, and many same-sex couples don't realize just how much money they can lose by being unmarried partners.
"There's over 11-hundred federal benefits that traditionally married couples get that same sex couples don't," says Integrated Wealth Management President & CEO Jim Casey.
If you are a gay couple planning a future together, Casey says to get a financial planner who understands the nuances in same sex financial planning.
"You have to keep track of gifting, which people don't get. If a gay couple who is together deposit their paychecks into a joint checking account, that's deemed a gift to eachother and gift taxes could be due," says Casey.
Casey says you have to keep separate records and you must track them separately for estate tax purposes. So despite the federal government , if you're part of a same-sex couple, Casey says you can protect yourself from losing thousands of dollars by educating yourself on your rights, and getting your financial house in order!