TORRANCE TRIBUNE July 12, 2012 Page 11 Finance LGBT Couples Often Face Additional Financial Hurdles By Jason Alderman federal estate taxes. Everyone else, including Lesbian, gay, bisexual and transgender married same-sex couples, must pay taxes on (LGBT) couples – and individuals – often estates that exceed $5.12 million. face significant financial hurdles compared • Despite last year’s repeal of “Don’t Ask, to Chris Kollaja, a certified public accountant status remain unavailable to same-sex military Directory of our AdvertisersDon’t Tell,” veteran’s benefits based on marital to their heterosexual counterparts. According and partner at A.L. Nella & Company in San spouses including: military hospital visitation Francisco, California, LGBT couples often incur rights; survivor benefits; increased compensa- Please support our advertisers. Shop locally. higher costs for everything from income taxes tion to spouses of disabled veterans; Veterans 1440 bistro & bar 310-640-1070 to employee benefits to adoptions because of Administration Home Loan eligibility for sur- Bank of Manhattan 310-606-8000 prevailing laws and tax regulations. viving spouses; and burial together in military Bipro Computers 310-640-0000 For example: cemeteries. Body Doc 310-546-6863 • In states where gay marriage is not legal, “The most important takeaway is that you Brian R. Brandlin, Attorney at Law 310-540-6000 same-sex couples must file separate income tax can’t take planning for granted,” says Kollaja. California Small Business Development Center 310-973-3177 returns, as with unmarried heterosexual couples. “It’s critical to establish your wishes through Centinela Feed and Pet Supplies 310-373-4437 Where it is legal, if they want to file a joint proper documentation.” City ES: Recreation & Parks 310-524-2701 state return they must each file an individual He offers these tips: Chevron 310-322-2614 federal return and then complete a “mock” joint • Inventory all your assets and make sure Church of Scientology 310-419-8200 federal return and use that data to calculate their everything is clearly titled and registered with Continental Development Corporation 310-640-1520 joint state return. the county. David Schat’s Bakery 310-524-9895 • Company-provided domestic partner benefits • Make sure your will, trust, durable power Davis & DeRosa Physical Therapy 310-648-3167 are considered imputed income by the IRS and of attorney and other legal documents spell out Douglass Mortuary 310-640-9325 added to the employee’s taxable income. Also, how you want your assets distributed and whom El Segundo Catering Company 310-283-0071 whereas opposite-sex married couples can use you want to make your medical and financial El Segundo Concert Band 424-242-3722 pretax dollars to pay for medical insurance decisions; otherwise the courts may designate ESF Financial Planning Group 310-706-4123 premiums, domestic partners cannot. someone instead. Good Stuff Restaurant 310-647-9997 • Heterosexual spouses can receive up to 50 • Designate the proper beneficiaries for all Hank’s Pizza 310-335-0066 percent of their spouse’s Social Security ben- insurance policies, retirement plans and invest- Harry’s and McCoy’s Moving 310-329-3493 efits if he or she is still alive, can collect their ment accounts. Kirby’s Pet Depot 310-322-7381 dead spouse’s benefit if it’s higher than their • Buy adequate health, property and casualty Mandy’s Restaurant 310-322-7272 own, and receive a $255 lump-sum spousal insurance. If you’re married or in a registered Mattel Toy Store 310-252-3355 death benefit. None of these benefits apply to domestic partnership, you could be held liable McCormick & Schmick’s Seafood Restaurant 310-416-1123 same-sex spouses. for your partner’s accident. Metro 323-466-3876 • Heterosexual married couples can contribute Because many mutual retirement benefits Murad 310-726-0470 up to $5,000 a year to a spousal IRA for a are not available to GLBT couples, plan your Pacific Inn 310-543-1174 non-working spouse; same-sex couples cannot. retirement for two single people. Having your Providence Little Company of Mary Medical 310-618-9200 ´• If one spouse in a heterosexual marriage own long-term care insurance is particularly Regatta Capitol 310-725-9102 enters a nursing home and applies for Med- important. Jeffrey S. Rhind, DDS 310-322-4232 icaid, the other may continue living in their “Bottom line, make sure you have a trust or St. John’s Child Development Center 310-615-0211 home without impacting Medicaid eligibility. living will,” says Kollaja. “Otherwise, you’ll St. John’s Lutheran Church 310-615-1072 However, if an LGBT couple owns a home and be subject to the state’s probate laws, which Salvation Army (Torrance Corps) 310-370-4515 one applies for Medicaid, the other must buy could determine very different outcomes than Sears Del Amo Fashion Center 310-214-7000 out the sick partner’s share in order to remain what you would have wished.” Snax Burgers 310-640-9766 in their home. Jason Alderman directs Visa’s financial edu- Studio Antiques 310-416-1233 • Heterosexual married couples can transfer cation programs. To Follow Jason Alderman Tanners Sewing and Vacuum Repairs 310-670-2429 unlimited assets to each other without paying on Twitter: www.twitter.com/PracticalMoney. • The Law Offices of CR Abrams 877-322-9778 The Jewelry Source 310-322-7110 forecast from page 5 The Soup Bar 855-768-7227 The Tavern on Main 310-322-3645 said. “We were fortunate to be able to sell interest in encouraging the schools and the Torrance Cultural Arts Foundation 310-378-8100 every one of those units to a large population community to continue to live in that Old Torrance Farmer’s Market 310-781-7520 of the seniors here in Torrance. They were Town spirit,” Hart said. “There are Old Town Torrance Memorial Medical Center 310-325-9110 able to move out of the older homes, which businesses that have been here for years and Torrance Memorial Urgent Care (Manhattan Beach) 310-939-7873 took up a lot of maintenance and upkeep, people really take an interest in service—that’s Torrance Memorial Urgent Care (Torrance) 310-921-7100 and they were able to move into a home what I try to promote. I’m not a big fan of Torrance Unified School District 310-972-6500 that offered low maintenance and was senior the Internet because I prefer to get personal Valentino’s Pizza 310-426-9494 user-friendly, with the confidence that their service and qualifying my buyers and sell- Very Important Pet 310-513-4095 Torrance neighborhood would be preserved.” ers and sharing my 35 years of experience Vinny’s Pizza 310-322-5464 For Hart, helping a person find the right directly with them.” Vistamar School 310-643-7377 home and finding the right owner for a Hart concluded, “There is a lot of pride VMX Gym 310-607-9121 property are what help his business thrive, in the community and a lot of that pride has Liz Worden, Wells Fargo Mortgage 310-487-8957 while the community continues to benefit. come back strong in the last years. We have REALTORS “I am third generation now with myself, my to make sure that people have the same goals sons and my grandsons--we are all here in that the neighborhood has. That is a big part Alex Abad 310-877-6488 the Torrance area, so we all have a strong of qualifying a buyer.” • Zeke Aceves 310-951-8679 Kirk Brown 310-322-2726 Sports from page 6 Kelly Burner 310-941-2994310-322-0066Kirk Brown Jr. facilitator for him and enabled Michael to do to get it done on the court, but has rallied his Shane Falkenstein 310-678-0578 what he does best, which is score the ball.” team to do so as well. Charles Fisher 310-902-7214 If Nash can be to Kobe anything like Pippen Nash won’t only help the Lakers with his Shiela Fowler 310-529-9922 was to Jordan, then these two all-stars may be own personal skills, but expect him to recruit Elisa Gans 310-245-1201 wishing that they found each other earlier in other players like Grant Hill to join the team Roger Hart 310-781-2000 their careers. Clearly to Kobe, the possibilities and make the Lakers’ atrocious bench of a year Janine Maples 310-385-3143 seem to be endless and with the addition of ago that much stronger. All in all, Steve Nash Jim Marak 310-322-1900 one player, the team immediately became a lot is the best thing that could have happened to Eloise Mendez 310-322-9761 more traditional but also a whole lot stronger. the Lakers this offseason and anyone who says Lynn O’Neil 310-261-0798 Some naysayers don’t believe that Nash is otherwise just doesn’t like the Lakers. By the Bill Ruane 310-877-2374 enough to put Kobe and the Lakers over the looks of it, Mitch Kupchak and the rest of the Ken Schofield 310-322-4660 hump. After all, Kobe isn’t getting any younger front office aren’t done wheeling and dealing Karen Sellers 310-968-6375 and Nash is 38 years old himself. With a his- yet either. It should be an interesting offseason John Skulick 310-350-4240 tory of chronic back problems as well, Nash for L.A. Expect the Lakers to be a bigger con- Rose Van Hook 310-350-5920 will have to work hard to stay healthy enough tender this year then they have been the last Listing enhancements: to take the floor night in and night out at the couple of years. At this point, it looks like it’s Listing bolded $1.00 per week Staples Center. Though his back has been a a three-horse race for next year’s championship Address $1.00 per week problem, it has never meant Nash missing any trophy. Along with the Thunder and the Heat, Website $5.00 per week significant time during the season. The two-time the addition of Nash has immediately thrust the Free listings are available for advertisers that run ads at least twelve times a year. NBA MVP hasn’t only always found a way Lakers into championship contention. •
Torrrance 7.12.12
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