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At Last! Legal Gay Marriage States are Nationwide

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Out Estate Planning, Supreme Court Gay Marriage Ruling, James Lange“Today, we can say in no uncertain terms that we have made our union a little more perfect.” – President Obama from the White House, June 26, 2015.

In a historic 5-4 vote today, The Supreme Court of the United States (SCOTUS) issued a ruling making gay marriage states legal nationwide. The day does not appear to be happenstance, either. On June 26, 2003 SCOTUS struck down the sodomy laws, in June 26, 2013 SCOTUS struck down DOMA (the Defense of Marriage Act), and today Justice Kennedy joined by Justices Ginsberg, Breyer, Sotomayor, and Kagan delivered a beautifully human, and well thought out opinion for the majority ending states abilities to ban gay marriage.

Here is an excerpt from that groundbreaking opinion:

“No union is more profound than marriage, for it embodies the highest ideals of love, fidelity, devotion, sacrifice, and family. In forming a marital union, two people become something greater than once they were. As some of the petitioners in these cases demonstrate, marriage embodies a love that may endure even past death. It would misunderstand these men and women to say they disrespect the idea of marriage. Their pleas is that they do respect it, respect it so deeply that they seek to find its fulfillment for themselves. Their hope is not to be condemned to live in loneliness, excluded from one of civilization’s oldest institutions. They ask for equal dignity in the eyes of the law. The constitution grants them that right.”

It is so ordered.

While this is a huge coup for human and civil rights, many people do not realize the huge potential for LGBT couples to now gain the financial equality they have long been denied.

Our very own Jim Lange, has been talking about this potential financial equality for years, and advising his LGBT clients to take advantage of the opportunities that become available to them when marriage is a possibility.

His newest book on the subject, Live Gay, Retire Rich! is available for pre-order now at Amazon.com – http://amzn.to/1LAIbAY.

The Essence of Retire Secure For Same-Sex Couples – Part 5

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This 9 part blog post series discusses along with graphs the essence of my book Retire Secure! For Same-Sex Couples: Live Gay, Retire Rich.

Retire Secure! for Same Sex Couples: Live Gay, Retire Rich quantitatively compares various courses of action. For those who don’t want to read through the explanation and detail, just looking at the 9 graphs could provide critical information with a minimum of reading effort. Please be aware that the recommendations beneath each figure will be advantageous in most situations, but not for everyone.

Starting Social Security Benefits At 62 Years Old vs. 70 Years Old

 

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Independent of getting married, it’s better to wait until 70 to take Social Security than electing to take Social Security at 62.

The graph shows the total of all Social Security benefits received, plus interest, by two different people with identical earnings records. One begins collecting Social Security at age 62 and the other begins collecting at age 70.

Your benefit will be 76% plus the cost of living adjustment larger if you wait until age 70 to start collecting Social Security, as compared to starting at 62. The longer you live, the more you may need that larger benefit.

 

The Essence of Retire Secure For Same-Sex Couples – Part 4

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This 9 part blog post series discusses along with graphs the essence of my book Retire Secure! For Same-Sex Couples: Live Gay, Retire Rich.

Retire Secure! for Same Sex Couples: Live Gay, Retire Rich quantitatively compares various courses of action. For those who don’t want to read through the explanation and detail, just looking at the 9 graphs could provide critical information with a minimum of reading effort. Please be aware that the recommendations beneath each figure will be advantageous in most situations, but not for everyone.

Inheriting a Second Generation IRA From a Married Parent vs. an Unmarried Parent

 

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Estate planning: Get married to provide maximum assets for your children or other heirs after both you and your partner die.

This graph shows the difference to the eventual heir depending on whether the person leaving him the IRA had married vs. had not gotten married. Tax laws favor the married couple when one of the spouses dies, allowing the surviving spouse to “pay taxes later.” In addition to this advantage, tax laws favor heirs of a married couple. When the surviving spouse dies, his heir is permitted to “stretch” the IRA and “pay taxes (much) later.”

Tax laws penalize the unmarried couple. The first time an IRA is inherited by a non-spouse, the unmarried partner is forced to “pay taxes sooner.” The rules are even less favorable for the surviving partner’s heir, forcing him to “pay taxes (much) sooner.” Don’t Pay Taxes Now, Pay Taxes Later—even after both you and your partner/spouse are gone.

The Essence of Retire Secure For Same-Sex Couples – Part 3

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This 9 part blog post series discusses along with graphs the essence of my book Retire Secure! For Same-Sex Couples: Live Gay, Retire Rich.

Retire Secure! for Same Sex Couples: Live Gay, Retire Rich quantitatively compares various courses of action. For those who don’t want to read through the explanation and detail, just looking at the 9 graphs could provide critical information with a minimum of reading effort. Please be aware that the recommendations beneath each figure will be advantageous in most situations, but not for everyone.

Inheriting an IRA From a Spouse vs. an Unmarried Partner

 

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Estate planning: Get married to provide maximum IRA and retirement plan assets for your partner after your death.

This graph shows the total assets for two individuals who each inherit a $1,000,000 IRA at the age of 72—one inherits from his spouse and the other from his unmarried partner. The tax laws will allow a surviving spouse to keep the money growing tax-deferred much longer than they allow for a surviving partner. Under the projected law changes for Inherited IRAs, the scenario is even worse for the unmarried survivor. Getting married allows your surviving spouse to pay taxes later than if you stayed unmarried. Don’t Pay Taxes Now, Pay Taxes Later—even after you die.

The Essence of Retire Secure For Same-Sex Couples – Part 2

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This 9 part blog post series discusses along with graphs the essence of my book Retire Secure! For Same-Sex Couples: Live Gay, Retire Rich.

Retire Secure! for Same Sex Couples: Live Gay, Retire Rich quantitatively compares various courses of action. For those who don’t want to read through the explanation and detail, just looking at the 9 graphs could provide critical information with a minimum of reading effort. Please be aware that the recommendations beneath each figure will be advantageous in most situations, but not for everyone.

Benefits of Spending After-Tax Savings before IRAs and Other Retirement Assets

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It’s generally best to spend assets in this order:

1) After-Tax Savings

2) Traditional IRA and Retirement Assets.

Of course at age 70 you will have to take money out of your IRA. Given a choice, however, you should spend your after tax savings first. You will have more money if you keep your money growing tax-deferred for as long as possible. Don’t Pay Taxes Now, Pay Taxes Later—when you are retired in the distribution stage.

Stay tuned next week where I’ll discuss Inheriting an IRA From a Spouse vs. an Unmarried Partner.  If you are interested in seeing if you qualify for a free consultation please fill out the form on this page https://outestateplanning.com/what-we-do/ or give us a call at 412-521-2732.

– James Lange

Supreme Court Decision Leads to Same-Sex Marriage Wins

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Gay Marriage, James Lange, Retirement, Social Security, Same Sex MarriageOn October 6, the U.S. Supreme Court denied review of five cases of same-sex marriage. This decision leaves standing marriage victories in three federal circuits, the 4th, 7th, and 10th and opens the door to the same-sex marriage in many more states.


On October 7th, the 9th Circuit Court of Appeals also ruled in favor of the freedom to marry in Nevada and Idaho.


There’s been a lot of progress and soon, same-sex couples will have the freedom to marry not only in 24 states and the District of Columbia, including today’s new additions of Indiana, Utah, Oklahoma, Wisconsin, and Virginia – but the path to marriage in 6 other states (Colorado, Kansas, North


Carolina, South Carolina, West Virginia, and Wyoming) is now paved. Despite the amazing momentum, the U.S. Supreme Court chose to defer for another day the national resolution that Freedom to Marry, businesses, elected officials, and families across the country have urged now.


To keep current with the recent events, please visit www.freedomtomarry.org.  All proceeds from my book goes to Freedom to Marry.

-James Lange


P.S. Once you get married you may be wondering what financial steps to take next. Give us a call today! We would be honored to help you through that process. 412-521-2732 (Western Pennsylvania Residents Only)