Loading...
On-Air Promo Creative 115x175
|| Finance ||
Page 1 of 1

Advocates: Leibovitz's Loss

Is the famed photographer the victim of antigay tax laws?



When 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 2004. 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 . 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 New Jersey, for example, you can expect to pay 15% on anything over $500 of inherited assets unless you've entered into a civil union. So, depending on where you live and whether you've 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 estate tax plan can slightly mitigate this financial burden, only full federal marriage rights will eliminate it.

Finding the Green in Green
Putting your money where your heart is
Socially conscious investing is an age-old strategy of selecting investments based on one's beliefs. There are organizations and fund companies that will screen investments to suit any value system, finding, for example, companies that have strong antidiscrimination policies or those that don't deal in tobacco. Green investors and those interested in the development of clean and sustainable energy sources have new friends in high places. The federal government is planning significant investment in green technologies. President Obama's economic stimulus plan contains significant spending and tax opportunities for the alternative energy industry. This means that there may be good opportunities for new investors. To find funds that invest in companies pursuing earth-friendly energy options like solar and wind power, geothermal energy, or cogeneration, investors now have a resource in AltEnergyStocks.com .

Follow us on Twitter Follow us on Twitter. Follow us on Facebook Follow us on Facebook. Page 1 of 1
Reader Comments
  • Name: Paul
    Date posted: 4/16/2009 3:40:00 PM
    Hometown: San Francisco

    Comment:

    Let's not forget that in addition to be double-taxed upon death, same-sex spouses are also excluded from receiving the spousal benefits from Social Security that federally-recognized opposite-sex spouses receive. Honestly, I don't know how can gay people can afford to get old.

  • Name: Alec
    Date posted: 4/12/2009 12:41:00 PM
    Hometown: Athens, Tx

    Comment:

    It's terrible that Leibovitz would have to experience this over the loss of someone she loved. It would be no different if it were any other person--rich, poor, otherwise. Having said that, I can say I empathize with fred james. He is verbalizing what so many people feel regarding the illusion of greed and selfishness of some of the wealthy in our country. The problem is much deeper. As a whole, our priorities a so off!

  • Name: Hilary Smith
    Date posted: 4/12/2009 4:10:00 AM
    Hometown: Cotati, CA

    Comment:

    Without the "death tax" a de facto aristocracy is created. If your parents are wealthy you are born with privilege and without the "death tax" that privilege becomes entrenched in your lineage. You automatically don't have to work as hard for your achievements as would a working class person. How does that support the myth of American meritocracy? The estate tax is fair because that money can be used to pay for programs (like college) that hard-working poor people can use to get ahead. Without the "death tax" wealthy families are able to hoard resources, thereby ensuring that their children and grandchildren will have opportunities handed to them. The estate tax is fair. And Diane, by insulting fred james instead of pointing out the flaws in his point of view, you are using an ad hominem argument which is a logical fallacy. It's also lazy. If your position merits consideration, you should at least attempt to defend it.

  • Name: diane
    Date posted: 4/12/2009 3:30:00 AM
    Hometown: novato,

    Comment:

    I feel so sad that poor you are so ignorant that you don't even get it! What an idiot you are! It's not worth trying to educate you or enlighten you.

  • Name: fred james
    Date posted: 4/9/2009 4:33:00 PM
    Hometown: guadalajara

    Comment:

    Gee, too bad, she would have to put up $15 million to inherit $30 million. I feel so sad for the filthy rich.



More Online Only
  • Photography Artist Spotlight: Didio

    São Paulo photographer Didio says he enjoys observing the daily life of normal men. If these photographs tell us anything, it's that Brazil has raised the bar on what defines normal.

  • DVDs Hot Sheet: Sade, Channing Tatum

    This week's hot sheet includes a movie about a gay romance in Jerusalem’s ultra-orthodox Jewish community... and shirtless performances by Channing Tatum and Jonathan Rhys Meyers.

  • Books Jackie Collins Takes on Hollywood

    From overdoses to horny old men to gay guys landing leading roles, best selling novelist Jackie Collins runs her mouth... and it's juicier than ever.

  • Sports Weir Comes Out ... Against Anti-Fur Activists

    With one week to go before the Winter Olympics in Vancouver, irrepressible men’s figure skating star Johnny Weir talks about the threats that led him to rip tufts of fur from his long-program costume.

  • Music Stephin Merritt Keeps It Real

    Stephin Merritt, the lead singer of the critically lauded group the Magnetic Fields, is one of the few openly gay artists in today's music world. Just don't call him "indie."

  • News Features The Strains of DADT on One Couple

    Andrew Cirner tells the story of his relationship with a military man, evading "don't ask, don't tell," a blackmailing ex-lover, and the extreme steps his mother took to save the day.

  • Sports Saints Linebacker Fujita Tackles Gay Marriage

    As New Orleans Saints linebacker Scott Fujita gears up for Super Bowl XLIV, Fujita talks to The Advocate about standing up for gay rights and against inequality, and about Tim Tebow's draft prospects thanks to Focus on the Family.

  • Commentary Mosbacher Family Affair

    Nanette Gartrell pays tribute to former Secretary of Commerce Bob Mosbacher, the father of her partner, Dee. Mosbacher, one of the Republican Party’s most successful fund-raisers, passed away in January. 

  • News Features The Faces of "Don't Ask, Don't Tell"

    Tuesday's Senate hearing sparked what promises to be the biggest discussion of "don't ask, don't tell" since the antigay policy was instituted in 1993. So The Advocate is spotlighting some of the biggest voices on both sides of the debate.

  • News Features They're Having a Baby

    Thomas Moore, husband to fellow transgender man Scott, talks to The Advocate about helping his spouse get through nine months of doctor issues, baby showers, and bellyaches.

  • Prop 8 Prop. 8 Plaintiffs Speak  

    Jeff Zarrillo and Paul Katami, two of the four plaintiffs challenging California’s Prop. 8 in federal court, talk to Advocate.com about their resolve (and occasional nerves) during the testimony phase of the trial.

  • Music The Grammy Awards in Pictures

    From Lady Gaga's many costume changes to Pink's wet and wild aerial act, take a look at the some of the highlights from Sunday night's Grammy awards.

  • Books Book Excerpt: The Play That Changed My Life

    Playwright Doug Wright, who was awarded the Pulitzer, a Tony, and a GLAAD Media Award for his play I Am My Own Wife, remembers how Charles Ludlam's Ridiculous Theatrical Company inspired his illustrious career.

  • Activism Leaderless

    Porn impresario Michael Lucas looks for the country’s gay Martin Luther King Jr., and finds little to celebrate.

  • Society Life on the G-list: Episode 2

    It may be the most cliché line in all of Hollywood: “What’s my motivation?” And for actor David Moretti, motivation does not include having just conquered Britney, Beyoncé, or J.Lo.