The "Me" Philiosophy

[Novaheart]

I want you to list for me what gay couples do not have access to that straight couples do...

Somebody out there has a long list of things. Here's a couple of big things:

• If Joe partners with Bob and Bob adds Joe to the deed, technically it's a gift of half the house and taxable.

• Joe and Bob are partners (using real people this time) and Joe owns a business (a modeling school) while Bob does volunteer work at the hospital, hospice, and museum. Bob is like a society wife. He does charity work, is the executive housekeeper, keeps Joe fed and dressed, takes the cars and the pets for appointments, and all that stuff. When Joe dies, his "half", his estate is taxable. Moreover, because Bob doesn't contribute to the mortgage or the money side of things, everything he owns is considered a gift. That's simply not the case with married couples.

• Ray is a carpenter and Rob works for the cable company. Ray's health insurance through Rob's employer is taxable income.

[Apache]

Somebody out there has a long list of things. Here's a couple of big things:

• If Joe partners with Bob and Bob adds Joe to the deed, technically it's a gift of half the house and taxable.

• Joe and Bob are partners (using real people this time) and Joe owns a business (a modeling school) while Bob does volunteer work at the hospital, hospice, and museum. Bob is like a society wife. He does charity work, is the executive housekeeper, keeps Joe fed and dressed, takes the cars and the pets for appointments, and all that stuff. When Joe dies, his "half", his estate is taxable. Moreover, because Bob doesn't contribute to the mortgage or the money side of things, everything he owns is considered a gift. That's simply not the case with married couples.

• Ray is a carpenter and Rob works for the cable company. Ray's health insurance through Rob's employer is taxable income.

Well great! Then Bob and Rob are contributing to Obamacare, welfare and fat-cat government, so why are you complaining?
My Grandmother was presented a nice fat tax bill after my Grandfather died. Taxes and death are guaranteed to everyone... next?

[Retread]

Retread. What are you going on about tonight? You are confusing the hell outta me....

Re: post #15 & #16

[Zeus]

Somebody out there has a long list of things. Here's a couple of big things:

• If Joe partners with Bob and Bob adds Joe to the deed, technically it's a gift of half the house and taxable.

• Joe and Bob are partners (using real people this time) and Joe owns a business (a modeling school) while Bob does volunteer work at the hospital, hospice, and museum. Bob is like a society wife. He does charity work, is the executive housekeeper, keeps Joe fed and dressed, takes the cars and the pets for appointments, and all that stuff. When Joe dies, his "half", his estate is taxable. Moreover, because Bob doesn't contribute to the mortgage or the money side of things, everything he owns is considered a gift. That's simply not the case with married couples.

• Ray is a carpenter and Rob works for the cable company. Ray's health insurance through Rob's employer is taxable income.

The first two of the above can be dealt with a partnership with right of survivor ship agreement. Rather simple solution.
The Insurance deal.....

If your partner lives in your household for the entire tax year, receives 50 percent of his or her support from you and generally meets the criteria laid out in section 152 of the tax code, then you are legally entitled to receive domestic partnership health benefits tax-free. A lawyer or accountant well versed in domestic partnership law can help determine if you’re eligible for this break. To determine if your partner receives 50 percent support from you, fill out the worksheet on page 33 of I.R.S. Publication 17, at www.irs.gov/pub/irs-pdf/p17.pdf

[Rockntractor]

[Novaheart]

The first two of the above can be dealt with a partnership with right of survivor ship agreement. Rather simple solution.

Although such jointly owned property avoids probate, it does not avoid estate tax. The entire value of property you as an unmarried couple hold jointly is included in the gross taxable estate of the first to die, unless records can prove the surviving partner contributed all or a portion of the cost of the property, thereby excluding that piece. In other words, your estate must prove that your partner's share of the property wasn't a gift. You should keep accurate records of your payments on jointly held property to verify your share of the ownership.

May be subject to gift tax
Any property you transfer to your partner for less than its fair value may be considered a gift subject to gift tax on any amount over the $12,000 annual gift tax exclusion amount and in excess of the $1 million gift tax applicable exclusion amount. Although you may think of a gift as something you give, expecting nothing in return, the IRS considers gifts to include uneven exchanges of property.

Example(s): In 2007, Tim and Jody purchase a $300,000 house together as equal owners. Tim contributes $200,000, while Jody pays $100,000. The IRS will consider that Tim gave Jody a $50,000 gift (the difference between half the purchase price of $150,000 and the $100,000 Jody actually paid). The IRS may tax Tim on $38,000 (the $50,000 gift less the $12,000 annual gift tax exclusion) unless Tim has a portion of his gift tax applicable exclusion amount available to offset the gift.
Even if you simply add your partner's name to a deed, if there is not an exchange of fair value, the IRS may consider this a gift subject to tax.

Example(s):ÝIn 2007, Tim owns a house worth $300,000 and adds his unmarried partner Jody's name to the deed with no fair exchange of value. The IRS considers this a $150,000 gift. Tim is taxed on $138,000 ($150,000 less the $12,000 exclusion) unless Tim has a portion of his gift tax applicable exclusion amount available to offset the gift.
Keep accurate records to prove how much of the property you own. For more information, see below.

http://www.smarterdollars.com/property_issues.html

[Rockntractor]

This isn't entertaining me!

[NJCardFan]

I try not to get upset by stupid or inconsiderate people in traffic as it does no good that I can tell. But without fail as the well behaved citizens sit in the exit lane for the airport, some jackass thinks we're all idiots apparently, that we just don't know that you can run up the right hand land and then jump in the traffic. I don't know who to be angrier at: the guy who does this or the moron asleep at the switch who allows him to pull in front. As a rule, I have a philosophy that it's not my right to be generous with other people's time.

There was a time when courtesy dictated that you not block a curb cutout near an intersection. Now, someone who wants to do something illegal will pull out in front of your good manners, and then block you while he tries to make an illegal left turn across four lanes so he can go into Church's chicken without driving around the block. You end up missing the light and so do the people behind you. So I don't permit that anymore.

Somedays I miss my old GMC urban assault vehicle. No one messed with me then. Now I'm all shiny waxed and showroom and they know Im bluffing.

One of my personal favorites. To get to Philly I take Route 55. When you get to the end route 55, it merges with Route 42 which takes you to the Walt Whitman Bridge. Now, at the end of 55, both lanes merge into one that leads into an off-ramp. When it's busy, this is where traffic grinds to a crawl. Without fail, there is always one asshole who rides the right shoulder of the road(it's not a lane) and then goes to squeeze into traffic on the off ramp. I never let them in in front of me. Another favorite, coming to an intersection where there is a left turn lane. Again, there's always some asshole who gets into the left turn lane and at the light, bypasses everyone going straight and goes straight themselves. One of my co-workers did this to me the other day and his reasoning was that he was late. No he wasn't. I was going to the same place and got there 10 minutes early. I chewed him out for cutting me off.

[Zeus]

Although such jointly owned property avoids probate, it does not avoid estate tax. The entire value of property you as an unmarried couple hold jointly is included in the gross taxable estate of the first to die, unless records can prove the surviving partner contributed all or a portion of the cost of the property, thereby excluding that piece. In other words, your estate must prove that your partner's share of the property wasn't a gift. You should keep accurate records of your payments on jointly held property to verify your share of the ownership.

May be subject to gift tax
Any property you transfer to your partner for less than its fair value may be considered a gift subject to gift tax on any amount over the $12,000 annual gift tax exclusion amount and in excess of the $1 million gift tax applicable exclusion amount. Although you may think of a gift as something you give, expecting nothing in return, the IRS considers gifts to include uneven exchanges of property.

Example(s): In 2007, Tim and Jody purchase a $300,000 house together as equal owners. Tim contributes $200,000, while Jody pays $100,000. The IRS will consider that Tim gave Jody a $50,000 gift (the difference between half the purchase price of $150,000 and the $100,000 Jody actually paid). The IRS may tax Tim on $38,000 (the $50,000 gift less the $12,000 annual gift tax exclusion) unless Tim has a portion of his gift tax applicable exclusion amount available to offset the gift.
Even if you simply add your partner's name to a deed, if there is not an exchange of fair value, the IRS may consider this a gift subject to tax.

Example(s):ÝIn 2007, Tim owns a house worth $300,000 and adds his unmarried partner Jody's name to the deed with no fair exchange of value. The IRS considers this a $150,000 gift. Tim is taxed on $138,000 ($150,000 less the $12,000 exclusion) unless Tim has a portion of his gift tax applicable exclusion amount available to offset the gift.
Keep accurate records to prove how much of the property you own. For more information, see below.

http://www.smarterdollars.com/property_issues.html

Something that avoids probate carries no estate tax as is not considered part of the estate , that's a primary purpose of estate planning. Again with a simple partnership with right of survivor ship agreement all jointly held assets automatically become the sole property of the remainder partner.

You know Nova for someone supposedly interested in the subject matter you aren't all that learned about it. Full of excuses why something can't be done even when people show you how it can be done. whats your true motive.

The power of the successor or successors of a deceased individual to acquire the property of that individual upon his or her death; a distinguishing feature of Joint Tenancy.The right of survivorship determines what happens to a certain type of co-owned property after one of its owners dies. Under law there are many kinds of co-ownership, but the right of survivorship is found only in joint tenancy, a contract between two or more parties specifying their simultaneous ownership of some form of real or personal property such as a house, land, or money. In all joint tenancies, at the death of one of the joint tenants, ownership of the remaining property passes to the surviving tenants, or successors, who assert the right of survivorship. This is a powerful legal right because it takes precedence over other claims upon the property. Originally a right at Common Law, it is recognized by statute in all states.In order for co-owners of property to realize the right of survivorship, the property must be owned in joint tenancy. Joint tenancy describes an ownership interest in property held by two or more people called tenants. The tenants acquire their ownership interest in the property in the same way and at the same time, and each holds an equal share. Joint tenancies are created by deed, will, or other transfer of property. Property that is held under a different form of coownership can be converted into a joint tenancy by amending the title to the property.When one of the joint tenants dies, the right of survivorship takes effect, passing the deceased tenant's interest in the property to the other joint tenant or tenants. Husbands and wives often create joint tenancies for co-ownership of their real property; under the common law this form of joint tenancy is called a Tenancy by the Entirety. It is an attractive legal option because of the right of survivorship. Upon one spouse's death, the right of survivorship takes precedence over claims on the property by the deceased person's heirs, beneficiaries, and creditors. The right passes outside probate—the procedure by which a deceased person's will is approved—so legal professionals sometimes call joint tenancy a probate avoidance device. The dissolution of a marriage usually ends any subsequent claim of right of survivorship.A joint tenancy continues as long as more than one joint tenant survives. Upon the death of one tenant, the shares of the other tenants increase equally; in a sense they absorb the ownership interest of the deceased person. This automatic process continues until only one surviving joint tenant is left; this survivor becomes the sole owner of the property.Courts frequently hear claims based on the right of survivorship. The surviving joint tenant furnishes proof of the death of the other joint tenant as well as valid legal titles indicating that the relevant real property was held in a joint tenancy. Documentary evidence establishing the existence of a joint tenancy is generally required to overcome a challenge to the right of survivorship.

Avoiding estate tax
Make tax-free gifts
You can reduce the amount of tax your estate will owe by making tax-free gifts to others during your lifetime, thereby reducing the size of your taxable estate.

• Making tax-free gifts to your partner—Recall that you and your partner can each leave an estate worth up to $2 million free from federal estate taxes. If your estate exceeds the estate tax applicable exclusion amount and the value of your partner's estate is less than that, you can equalize your estates by making gifts to your partner that qualify for the annual gift tax exclusion. This reduces the size of your taxable estate and does not result in any tax on your partner's estate as long as the gifts don't cause your partner's estate to exceed the estate tax applicable exclusion amount.
• Making tax-free gifts to others—You can further reduce the size of your estate tax by giving as many tax-free annual exclusion gifts during your lifetime as you can to those you might otherwise plan on remembering in your will. If you give more than the annual gift tax exclusion amount to any one person, the amount that exceeds the exclusion will be applied against your $1 million gift tax applicable exclusion amount, if available.Tip: Keep in mind that the annual exclusion applies only to gifts of a present interest in property, which means that the beneficiary must presently have the right to possess and enjoy the gift. For example, a gift of cash is a present interest, but a gift of the right to receive your house when you die is not.

[txradioguy]

If you wanna go down this route and talk about marriage in its original form, love had nothing to do with it. It was simply a trade agreement to gain land, power, etc.

Bullshit.

Yeah I'll go down this road with you.