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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: JeffA who wrote (108196)	4/10/2009 12:44:47 PM
From: Suma	Respond to of 541477

Jeff A. Here is a story to point out the inequities... This is about a lot of money and unfortunately a lot of women who lose a partner shared expenses. So when it happens they are left without the things mentioned here in this article. Leibovitz's Loss When the news of Annie Leibovitz's money woes came to light in March many wondered why one of the world's most famous photographers would need to borrow $15.5 million and pledge all rights to extensive property and ALL HER WORK as collateral. The current speculation on the cause of her financial trouble was her inheritance from longtime partner Susan Sontag who died in 2204. Since same sex partners do NOT have the same protections as couples in federally recognized marriages, Leibovitz was required to pay up to a whopping 50% estate tax on several buildings bequeathed by Sontag whereas a straight married couple would pay significantly less..specifically ZERO 0 That is right 0. In addition to federal estate taxes, many states also impose a kind of death tax that can be avoided by legal surviving spouses or if the state has a "marriage like" status. In NJ for example, you can expect to pay 15% on anything over $500 of inherited assets unless you have entered into a civil union. So, depending on where you LIVE and whether you have tied the local knot, your partner may need to turn to the nearest pawnshop after you're gone. Don't forget that these assets will be taxed again upon the beneficiary's death. While a good state tax plan can slightly mitigate this financial burden, only FULL FEDERAL MARRIAGE RIGHTS will eliminate it. We live in a Capitalist society.Money is important. How taxes are imposed is important. Also we live in a Democracy and civil rights should be afforded to ALL. Regardless of sexual proclivity....ies..