by Mark Glen-Walker
There are some little unknown facts about life insurance. Gays and Lesbians currently have no recognized relationships on a federal level. However, this does not mean that gays and lesbians do not have options to protect each other in case of death. Life insurance in Texas purhcased by individuals, for the most part, pays tax-free benefits to a beneficiary of any choice. Even better, the life insurance benefit does not go through probate. It is automatically paid to the beneficiary. Therefore, no families can interfere to contest the amount left to the living partner.
Gays and lesbians while not being recognized by the federal government in long-term relationships do have options. Sometimes it takes digging around to find out exactly how you can protect your loved ones in relationships. Talk to you CPA, to your real estate advisor, to your insurance agent, to your financial planner. You may be surprised the number of options you have.
In this sense, do gays and lesbians need gay marriage? That is the hot topic. Luckily, this article just focuses on what action can be taken today in the current system.
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