Financial

LGBT community needs long-term care

Published

13 years ago

April 19, 2012

WBadmin

By MICHAEL GLASSMAN
Special to the Blade

There is a huge need for long-term care insurance in the LGBT community simply because most members of the LGBT community do not have children to look after them in their older age. An article that appeared on Businesswire.com states:

“Having choices and protecting retirement assets and personal savings from long-term care costs should be important to everyone, however, it may be especially significant for the LGBT community. The reality is the LGBT community lacks the traditional support that married heterosexuals enjoy and as a result face a greater need for long-term care insurance.”

What unique considerations do gay and lesbian couples need to take into account when buying Long Term Care Insurance? Mainly, insurance companies have specific requirements for recognizing gay and lesbian partnerships. However, many blue-chip Long Term Care Insurance carriers offer the married, partner or spousal discount to gay and lesbian couples provided they have been in a committed relationship for at least one to three years (this varies from company to company). The married, partner, or spousal discount is significant with companies like Massachusetts Mutual Life Insurance Company (MassMutual) offering a 30 percent premium discount. Typically, discounts apply to each policy when both people meet the criteria for the covered partner discount. Generally, both partners must be approved and both must maintain coverage beyond the free look period. To be eligible for a covered partner discount, certain criteria must be met. Discounts are subject to state approval and may not be available in all states

You have likely seen the statistics that talk about the risk of needing long-term care as you age. And like most, you’ve told yourself “It will never happen to me.” You may very well be right. But what if you’re not? Rather than focus on the risk of an event happening to you, take a moment to consider the consequences that providing care over an extended period of years would have on the emotional, physical and financial well-being of those you have promised to take care of.

Many people believe that Medicare, Medicaid or the VA if they are veterans will pay for their care. These programs primarily cover medical procedures or rehabilitative care.

Long-term care requires custodial care. This is defined as the assistance or supervision that a person who is physically or cognitively impaired needs to get through the day. With few exceptions, no federal or state program will pay for custodial assistance over an extended period of years. Therefore, the family has to pay out of pocket.

No one can guarantee that you won’t need care. But you can create a plan that will protect your partner and family.

The plan should preserve your family’s emotional and physical well being by allowing them to hire professionals to provide care:

The plan should allow you to preserve your retirement portfolio.

Once this plan is in place, long-term care insurance can be an effective solution.

Implemented correctly it provides a stream of income that pays for professionals to help keep you at home and/or residential alternatives such as assisted living facilities or nursing homes.

This allows the following:

• Your family to supervise rather than provide your care, helping to protect their emotional and physical wellbeing.

• Your retirement income to keep funding your lifestyle, therefore allowing you to keep your financial promises

• Helps you preserve the financial viability of your surviving partner or children who may need an inheritance.

Long-term care describes the care you need if you become incapacitated, either physically or cognitively, due to a degenerative disease or incident such as Parkinson’s, stroke, diabetes, or Alzheimer’s.

These conditions severely compromise your ability to get through the most basic of daily routines. In reality, the need for long-term care is a safety issue that requires 24 hour a day attention.

Since you are no longer safe, those you love are forced to reorient their lives to make sure that you are. This change can have a devastating impact on their emotional and physical well-being.

There are unique tax advantages that long-term care insurance offers business owners and/or their employees.

If you have a C-Corp you have the following benefits:

• 100 percent of the premium is deductible as an ordinary business expense for all employees regardless of percentage of ownership. IRC 162(a).

• The company can also deduct 100 percent for the employee’s spouse (check with your CPA) and the couple’s tax dependants, whether or not they are considered employees. IRC 162(1),162(1)(2), 213(d)

• The premium is excluded from the employee’s income and therefore not subject to federal income tax withholding, social security, Medicare and federal unemployment taxes. IRC106(a), 105(b)

• The company is not subject to anti-discrimination rules; it can discriminate by class, offering long-term care to some employee classes but not to others. Treasury regulation 1.105-5, 1.106-1

If you have a Subchapter S-Corp:

• Your company can pay and deduct the actual long-term care premium IRC 162(a)

• The premium is considered income to the insured so a W-2 and 1120S is issued. Revenue ruling 91-26

• The shareholder/insured includes the W-2 amount on the 1040 and pays self-employed taxes. He than can deduct the eligible premium and pays taxes on the balance. IRC 162(1), 213(s)(1)(D), 213(d)((10)

• The company is not subject to anti-discrimination rules; it can discriminate by class, offering long-term care to some employee classes but not to others. Treasury regulation 1.105-5, 1.106-1

If you have a Partnership:

• The partnership can pay the actual premium and deduct it as a normal business expense. A K-1 for the amount is issued to the partner who includes it on form 1040 for self employment taxation. IRC 162(a), 707(c)

After paying self-employment tax, the insured deducts the eligible premium based on age. The balance is subject to taxation. IRC731(a)(1)

Partnerships can discriminate by class, offering long-term car insurance to some employee classes but not to others because group long-term care insurance plans are not subject to nondiscrimination rules like other plans. Treasury regulation 1.105-5, 1.106-1

Self-Employed Individuals/Sole Proprietors:

• Your company can pay the long-term care insurance premium and fully deduct it. IRC 162(1)

• The actual premium is reported on your 1040 and subject to self employment tax. IRC 162(1)(2)(c), 213(d)

• After paying self employment tax you deduct the eligible premium based on your age; the balance, if any, is considered income.

You can deduct the premiums paid for employees from business income. IRC 162(a)(1)

The Sole Proprietor can discriminate by class offering long-term care insurance to some employee classes but not to others. Treasury Regulation 1.105-5, 1.106-1

Non-self employed individuals:

• The eligible premium is based on your age.

• You must file an itemized return and list the eligible premium as a medical expense.

• The first 7.5 percent of your adjusted gross income must be subtracted from the total medical expenses listed on your return. The balance, if any, is deducted from your gross income. IRC 213(d)(10)

• The eligible premium can be paid from a Health Saving Account or a Health Reimbursement Account without itemizing and without being reduced by the adjusted Gross Income exclusion. IRC 223(d)(2)(A), IRC Notice 2002-45 for HSA

Your employer can pay the actual premium for your long-term care insurance policy with pre-tax dollars and the premiums are excluded from are excluded from income. Benefits are also tax free.

The value of long-term care insurance

It is the ability to protect the emotional, physical and financial wellbeing of your family should you ever become frail and need care over a period of years.

It does so by providing a stream of income that pays for that assistance, allowing those you love to supervise rather than provide physical care—a great relief during a truly difficult time.

Talk to anyone who has had the experience with long-term care and he or she will tell you that providing direct care can be very emotionally and physically stressful.

Since care is now paid for, there is no need to reallocate your income, so it remains in place to pay for the financial commitments you have taken into retirement. Just as important, your investment portfolio remains intact allowing your tax plan to execute properly and preserves the estate for your surviving partner children or others.

(The information provided is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Special thanks to the Corporation for Long Term Care Certification CRN 201404-159476)

Real Estate

Celebrate the power of homeownership this Fourth of July

Owning a home is powerful act of self-determination

Published

4 days ago

July 4, 2025

Scott Helms

(Photo by yootin/Bigstock)

This Fourth of July, celebrate more than independence: celebrate the power of LGBTQ+ homeownership. Explore resources, rights, and representation with GayRealEstate.com, the trusted leader in LGBTQ+ real estate for over 30 years.

Home is more than a house: it’s a symbol of freedom

As the fireworks light up the sky this Fourth of July, LGBTQ+ individuals and families across the country are not just celebrating the nation’s independence — they’re celebrating personal milestones of freedom, visibility, and the right to call a place their own.

For many in the LGBTQ+ community, owning a home represents more than stability — it’s a powerful act of self-determination. After generations of discrimination and exclusion from housing opportunities, more LGBTQ+ people are stepping into homeownership with pride and purpose.

Why homeownership matters to the LGBTQ+ community

While progress has been made, LGBTQ+ homebuyers still face unique challenges, including:

Housing discrimination, even in states with legal protections
Limited access to LGBTQ+ friendly realtors and resources
Concerns about safety and acceptance in new neighborhoods
Lack of representation in the real estate industry

That’s why the Fourth of July is a perfect time to reflect not just on freedom as a concept, but on how that freedom is expressed in the real world — through ownership, safety, and pride in where and how we live.

Finding LGBTQ+ Friendly Neighborhoods

One of the top concerns for LGBTQ+ buyers is whether they’ll feel safe, accepted, and welcome in their new neighborhood. Thanks to evolving attitudes and stronger community support, many cities across the U.S. now offer inclusive, affirming environments.

Some of the best cities for LGBTQ+ home buyers include:

Wilton Manors, Fla. – A vibrant LGBTQ+ hub with strong community ties
Palm Springs, Calif. – A longtime favorite for LGBTQ+ homeowners
Asheville, N.C. – Progressive and artsy, with growing LGBTQ+ visibility
Portland, Ore. – Inclusive, eco-conscious, and diverse
Philadelphia, PA – Rich in history and LGBTQ+ community leadership

When you work with an LGBTQ+ friendly realtor, you get insight into more than property values — you get a real perspective on where you’ll feel most at home.

Navigating the real estate process with confidence

Whether you’re a first-time gay homebuyer or preparing to sell your home as an LGBTQ+ couple, it’s essential to understand your rights and options. Here are a few key tips:

1. Work with a trusted LGBTQ+ real estate agent

Representation matters. A gay realtor, lesbian real estate agent, or LGBTQ+ friendly agent understands the unique concerns you may face and advocates for you every step of the way.

Use GayRealEstate.com to connect with LGBTQ+ real estate agents near you. For over 30 years, we’ve helped LGBTQ+ buyers and sellers find their ideal home and a professional who respects their identity.

2. Know your legal protections

While federal law (via the Fair Housing Act and Supreme Court rulings) prohibits housing discrimination based on sexual orientation or gender identity, enforcement can vary by state. Make sure to research:

State-level housing discrimination laws
Local LGBTQ+ protections and resources
What to do if you experience discrimination during a transaction

3. Secure inclusive financing

While most lenders follow fair lending rules, it’s smart to seek out banks or credit unions with LGBTQ+ inclusive policies and a history of non-discriminatory lending practices.

4. Plan for the future as a family

For same-sex couples, especially unmarried partners, it’s vital to review how you’ll hold the title, designate beneficiaries, and plan your estate.

Ask your agent or attorney about:

Joint tenancy with right of survivorship
Living trusts
Powers of attorney and healthcare proxies

Selling a home as an LGBTQ+ homeowner

If you’re listing your home, working with a gay-friendly real estate agent ensures your identity and story are honored — not hidden — in the process.

Highlight:

Your community connections
Your home’s role in creating a safe space
Local LGBTQ+ resources to attract like-minded buyers

Showcasing the full value of your home includes sharing what it meant to live there authentically and safely.

Your home, your freedom

The Fourth of July reminds us that freedom isn’t just an abstract idea — it’s lived every day in the spaces where we find comfort, love, and belonging. For the LGBTQ+ community, the right to own and thrive in a home is part of the larger journey toward full equality.

At GayRealEstate.com, we believe every LGBTQ+ person deserves:

A safe place to live
A community that welcomes them
An advocate in the home buying or selling process

Ready to make a move?

Whether you’re dreaming of your first home, upgrading with your partner, or selling a space that helped shape your identity, GayRealEstate.com is your trusted partner. With our nationwide network of gay realtors, lesbian real estate agents, and LGBTQ+ friendly professionals, we make your journey smooth, respectful, and informed.

Visit GayRealEstate.com to:

Search LGBTQ+ friendly homes
Connect with inclusive real estate agents
Access free guides for buyers and sellers
Protect your rights and get expert advice

This Fourth of July, celebrate more than independence — celebrate your freedom to live, love, and own with pride.

Real Estate

How to keep cool during a heat wave

Close blinds, use ceiling fans, and more tips

Published

1 week ago

June 29, 2025

Valerie Blake

It’s hot! Here are some ways to keep cool in a heatwave. (Photo by sonyworld/Bigstock)

Did you melt like the Wicked Witch of the West this week?

As summer temperatures rise, keeping your home or apartment cool during a heat wave can become both a comfort issue and a financial challenge. One of the most effective ways to keep a home cool is to prevent heat from entering in the first place. Sunlight streaming through windows can significantly raise indoor temperatures. Consider the following solutions:

• Close blinds or curtains during the hottest parts of the day. Blackout curtains or thermal drapes can reduce heat gain by up to 30%.

• Install reflective window films to block UV rays and reduce solar heat without sacrificing natural light.

• Use outdoor shading solutions such as awnings (yes, the ones you removed because they were “dated”) and shutters to limit direct sunlight.

Fans are a cost-effective way to circulate air and create a wind-chill effect that makes rooms feel cooler.

• Ceiling fans should rotate counterclockwise in the summer to push cool air down.

• Box fans or oscillating fans can be placed near windows to pull in cooler evening air or push hot air out.

• Create a cross-breeze by opening windows on opposite sides of your home and positioning fans to direct airflow through the space.

• For an extra cooling effect, place a bowl of ice or a frozen water bottle in front of a fan to circulate chilled air.

To optimize natural ventilation, open windows early in the morning or late in the evening when outdoor temperatures drop. This allows cooler air to flow in and helps ventilate heat that built up during the day.

Appliances and electronics generate a surprising amount of heat. To reduce indoor temperatures:

• Avoid using the oven or stove during the day; opt for no-cook meals, microwave cooking, or grilling outside.

• Run heat-producing appliances like dishwashers and clothes dryers in the early morning or late evening.

• Unplug electronics when not in use, as even standby power can add heat to your space.

• Switching to energy-efficient LED lightbulbs can also reduce ambient heat compared to incandescent lighting.

If you do use an air conditioner, maximize its effectiveness by:

• Setting it to a reasonable temperature—around 76–78°F when you’re home and higher when you’re away.

• Cleaning or replacing filters regularly to maintain airflow and efficiency.

• Sealing gaps around doors and windows to prevent cool air from escaping. (Didn’t we all have a parent who said, “Close the door. You’re letting all the cool out?”)

• Using a programmable thermostat to optimize cooling schedules and reduce energy use.

If it is not cost-prohibitive, adding insulation in attics and walls can greatly reduce heat transfer. Solar panels that reflect heat can also help, as well as offset the cost of their installation. Adding weatherstripping around doors and windows, sealing cracks, and using door sweeps can make a significant difference in keeping heat out and cool air in.

Natural and eco-conscious methods can also help cool your home.

• Snake plants, ferns, or rubber trees can improve air quality and slightly cool the air through transpiration.

• White or reflective roof paint can reduce roof temperatures significantly.

• Cooling mats or bedding can make sleeping more comfortable without cranking up the A/C.

For renters or those who can’t make permanent modifications, there are still plenty of ways to keep cool.

• Use portable fans and A/C units instead of built-in systems, making sure they are the correct size for your space.

• Removable window film or static cling tinting can reflect heat without violating your lease.

• Install tension rod curtains or temporary blackout panels instead of hardware-mounted window coverings.

• Add draft blockers and weatherstripping tape that can be applied and removed without damage.

• Cover floors with light-colored rugs to reflect heat rather than absorb it.

• If allowed, use temporary adhesive hooks to hang reflective materials or light-filtering fabrics over windows.

Even if your space is warm, you can still take steps to help your body stay cool.

• Wear light, breathable fabrics like cotton or linen.

• Stay hydrated and avoid caffeine or alcohol during peak heat hours.

• Take cool showers or use damp cloths on your neck and wrists to bring your body temperature down.

Keeping your home or apartment cool in the summer doesn’t have to be expensive or energy-intensive. With a few adjustments such as blocking sunlight, optimizing airflow, using fans effectively, and making renter-friendly upgrades, you can create a more comfortable indoor environment while keeping energy bills in check.

Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH @properties. Call or text her at 202-246-8602, email her at DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.

Real Estate

The world’s on fire and D.C. is on sale (sort of)

Prices are up, but then again, nothing makes sense anymore

Published

2 weeks ago

June 22, 2025

David Bediz

The housing market remains strong in D.C., especially in upper Northwest. (Photo by Stbaus7/Bigstock)

ICE is disappearing people, revered government agencies are shuttering, and who knows if we’ll be in World War III next week? But can you believe prices in D.C. are actually still up 6.3% since last year? It doesn’t make sense, and perhaps that does make sense, because nothing seems to make any sense any more.

That said, there are some parts of our market that are truly suffering. The interest rates, which have been up, up, up for about four years now, are the ongoing rain on our market’s military parade. Combine that with 75,000 federal employees taking a buyout nationwide, and DOGE cuts eliminating around 40,000 federal jobs in the District (per estimates by the D.C. CFO), not to mention thousands of other job losses in non-governmental organizations due to funding and program cuts, and you’ve got a case of uncertainty, and downright unaffordability in the pool of otherwise would-be buyers.

This has had a marked impact on properties that starter-home buyers and low- to mid-level employees would otherwise buy, most notably condominium and cooperative apartment units. These properties have already slowed in our market thanks to the profound impact that higher interest rates have had on their monthly carrying costs—pair that with job insecurity, and a lot of condos are proving to be very difficult to sell indeed.

So how is the average sale price up in our market?

The increase is almost entirely due to the resounding strength of the single-family home market, especially in upper Northwest D.C., where it is still quite common to see bidding wars, even on properties pushing past the $3M mark. It seems that buyers in that echelon are less impacted by a few percentage points in the interest rate, and less concerned about their job security. Notably, those buyers are often married with children and have an absolute need for more space, must stay in the area due to one spouse’s job, or the kid’s friend group, regardless of whether the cost of owning is thousands of dollars more per month than it would have been in 2020 or 2021. The continued appreciation in these neighborhoods defies imagination.

So, what to do if you are not one of those lucky enough to be shopping for a $3M home? The short answer: wait. If you want more space, rent your current place out and learn the joys of being a landlord while someone else pays your mortgage. Need the equity from your current home to buy your next place? Get a home equity line of credit, or loan, and pull the equity out of your current place to buy the next one. Or—and I have never recommended this before in 21 years of being a Realtor—rent for a few years. Sure, I’d love to list and sell your condo so you can climb the real estate ladder, but it might just be a waste of time, money or both if you could just ride out this storm and sell in a DOGE-less future.

All this said, there are some condos that seem to be immune from this recent negative news. Anecdotally, it feels like it’s the truly special ones that do just fine no matter the market. Our recent listing in Capitol Hill had a view from every one of its 15 windows of the Supreme Court. Sold in five days with six offers. Another condo was on the top two floors of a townhouse and had the coolest black wood floors that gleamed like a grand piano. Sold in four days at full price.

So, all is not for naught if you have a condo or home in an area that people want to be in, with nice space, light, amenities and a certain je ne sais quois. And, as long as we have a democracy in a few years, my experience says our market will be back, stronger than ever, really soon.

David Bediz is a Realtor and mortgage loan broker for the Bediz Group LLC and Home Starts Here, LLC. Reach him at [email protected].