The Obama administration considers urging the U.S. Supreme Court to overturn California’s ban on gay marriage. See the full Pittsburgh Post Gazette article below:
Federal law does not permit Americans to petition for green cards for same-sex spouses or partners, and they face a choice of remaining in the country illegally or leaving the United States.
Read the entire New York Times article at: http://www.nytimes.com/2013/02/18/us/with-no-shortcut-to-a-green-card-gay-couples-leave-us.html?hpw
On Tuesday, February 12, 2013, France’s lower house of parliament approved a bill that would legalize gay marriage in France and allow same-sex couples to adopt children, despite strong opposition from religious leaders. The bill—which has the full support of the French President—will come before the Senate on April 2, 2013, where it is expected to pass.
Check out the full NY Times story at http://www.nytimes.com/2013/02/13/world/europe/france-assembly-passes-gay-marriage-bill.html?emc=tnt&tntemail1=y&_r=0
By Lauren Sweeney
Often times, one partner in a same-sex couple owns real property and seeks to add the other partner to the title or deed for no consideration (i.e. when no money or other type of payment is received in return). Though this may appear to be a straightforward process, it is important to keep in mind that there are tax consequences. This type of one-sided property transfer constitutes a taxable gift for federal gift tax purposes. Under the federal tax laws, there is a gift tax reporting obligation to the extent that the fair market value of the gifted interest exceeds the available annual exemption in the year of the gift.
This reporting obligation does not necessarily imply a tax liability. According to The American Taxpayer Relief Act, each American taxpayer has a $5 million cumulative lifetime gift and estate tax exemption. This means that any amounts given during life or transferred upon death that total less than $5 million will be transferred free of tax. Additionally taxpayers are allowed to make annual gifts up to $14,000, per recipient, which gift does not count towards the $5 million lifetime maximum exemption. Any gift amount to an individual that exceeds $14,000 is considered a taxable gift, and the taxpayer who made the gift is required to file a gift tax return. Gifts that exceed the annual exemption amount accumulate from year to year and count toward the $5 million lifetime maximum exemption, as do any assets that are part of an inheritance.
The use of a “tenancy in common” may be a beneficial means for gifting the other partner into ownership with minimal gift tax consequences. Because the shares of ownership do not have to be equal in a tenancy in common, the partner may choose to gift a share of the property to the other partner each year (up to the annual exclusion amount) until the desired property apportionment is received. Best-practices compliance involves not only a gift tax return filling, but also a real estate valuation of the fractional interest being gifted.
Due to the complexity of both real estate and tax law, it is advisable that individuals consult with an attorney prior to adding his or her same-sex partner to a title or deed to ensure proper reporting of both the real estate transfer and gift tax reporting.
It really does get better for gay teens when it comes to being bullied.
Check out the full Post Gazette story at http://www.post-gazette.com/stories/news/science/study-shows-it-does-get-better-for-gay-teenagers-673339/#ixzz2JxOPAqD8