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

Hidden hazards at home

Professional inspections can help catch safety issues early

Published

3 days ago

May 4, 2025

Valerie Blake

Test smoke detectors monthly and change batteries at least once a year. (Photo by Phonlamaiphoto/Bigstock)

As the spring market hits its stride, we are beginning to see more inventory and an increase in days on the market in parts of the DMV. This may result in professional home inspections becoming routine parts of contract offers again. A thorough home inspection can help catch safety issues early and is an opportunity to learn about the operation and maintenance of items in your home.

Pay attention to flickering lights, frequently tripped breakers, and discolored outlets—these are signs of potential electrical hazards. Outdated wiring, overloaded outlets, and faulty appliances can lead to electrical fires.

Structural issues are often overlooked until it’s too late. Crumbling foundations, weak or damaged stairs, loose railings, and uneven flooring can cause trips and falls. Water damage from leaks or flooding can weaken the integrity of floors and walls, creating a risk of collapse.

Toxic chemicals can pose serious threats to health and safety, often without obvious warning signs. Understanding and addressing these risks is crucial for maintaining a safe living environment for you and your loved ones.

Household products such as cleaners, pesticides, air fresheners, and even cosmetics can emit volatile organic compounds (VOCs). These compounds, when inhaled regularly, can cause a range of health issues including headaches, respiratory problems, hormonal disruptions, and in some cases, even cancer. To minimize these risks, homeowners should opt for low-VOC or VOC-free products, ventilate regularly, and consider investing in an air purifier.

Formaldehyde is another common toxin found in pressed wood products, insulation, and certain paints. Long-term exposure can lead to chronic respiratory problems and has been linked to cancer.

Radon gas, another possible carcinogen, is prevalent in the DMV. Your home inspector can do a radon test or there are DIY kits available at many hardware stores. If levels are above EPA standards, a professional remediation firm can install a system that extracts the radon and vents it safely outdoors.

Carbon monoxide (CO), a colorless, odorless gas, is produced by gas stoves, heaters, and fireplaces. Exposure can lead to headaches, dizziness, nausea, and even death. Install CO detectors near bedrooms and ensure that all fuel-burning appliances are properly maintained and ventilated.

Additionally, older homes may still contain asbestos in insulation, floor tiles, or roofing materials. If disturbed, asbestos fibers can become airborne and are highly dangerous when inhaled, leading to serious diseases such as mesothelioma, so when renovating an older home, it’s critical to have materials tested for asbestos before beginning work.

Mold and mildew thrive in damp, poorly ventilated areas such as bathrooms, basements, and around leaky pipes. While some molds are harmless, others can cause allergic reactions or respiratory problems and aggravate conditions such as asthma. Black mold (Stachybotrys chartarum) is notorious for producing mycotoxins that may lead to severe health issues.

Signs of mold include musty odors, visible growth on walls or ceilings, and excessive humidity. Preventing mold growth requires controlling moisture levels—using dehumidifiers and vapor barriers, fixing leaks promptly, and ensuring adequate ventilation. Professional mold remediation may be necessary for severe infestations.

Though banned in residential paints in 1978, lead-based paint still exists in millions of older homes. Lead exposure is especially dangerous for children, causing developmental delays, learning difficulties, and behavioral issues. Adults are not immune – lead can lead to high blood pressure, kidney damage, and reproductive problems.

Even dust from deteriorating lead-based paint can be hazardous. The EPA recommends professional lead testing for any home built before 1978, especially if renovations are planned. Certified abatement professionals can safely remove or encapsulate lead paint.

Improper use of heating equipment, fireplaces, unattended candles, and cooking accidents are common sources of home fires. Smoke alarms and fire extinguishers are essential for early detection and response. Test smoke detectors monthly and change batteries at least once a year.

Homes that are safe for adults may not be safe for children or pets. Small objects, unsecured cabinets, toxic plants, and open staircases can pose significant risks. Childproofing measures such as outlet covers, safety gates, and cabinet locks, along with safe storage of chemicals and medications, are essential precautions.

The good news is that many of these risks can be mitigated with awareness and action. Here are a few simple steps to enhance home safety:

• Conduct a thorough safety audit using checklists available online.

• Ensure proper ventilation to reduce indoor air pollutants.

• Regularly check for leaks and signs of water damage.

• Keep cleaning and chemical products out of reach of children.

• Educate all household members about emergency procedures, including fire escapes and first aid.

Our homes should protect us, not pose threats to our well-being. By identifying and addressing these toxic and unsafe issues, we can transform our living spaces into truly safe havens.

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 via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.

Real Estate

April showers bring May flowers in life — and in real estate

Third time’s the charm for buyer plagued with problems

Published

2 weeks ago

April 26, 2025

Joseph Hudson

As Dolly Parton says, ‘If you want the rainbow, you’ve got to put up with a little rain’ (Photo by Rangizzz/Bigstock)

Working in the real estate sector in D.C. can be as uniquely “D.C.” as the residents feel about their own city. On any given day, someone could be selling a home that their grandmother bought, passed on to the relatives, and the transfer of generational wealth continues. In that same transaction, the beginning steps of building of generational wealth could be taking place.

Across town, an international buyer could be looking for a condo with very specific characteristics that remind them of the way things are “back home.” Maybe they want to live in a building with a pool because they grew up by the sea. Maybe they want a large kitchen so they can cook grandma’s recipes. Maybe they will be on MSNBC once a month and need to have a home office fit for those Zoom sessions where they will be live on air, or recording their podcast. Perhaps they play the saxophone and want a building with thick walls so they can make a joyful noise without causing their neighbors to file a cease-and-desist order.

What I found fascinating was getting to know my buyers. Why were they purchasing their property? What did they want to do with it? Was this their grandmother’s dream that they would have a place of their own someday? Did they finally think they would write that award-winning play in the home office? What dreams were going to be fulfilled while taking part in this transaction?

Somedays, the muck and paperwork slog of navigating home inspection items and financing checklists could get to be distracting at best, and almost downright disheartening at worst.

One of my clients was under contract on THREE places before we finally closed on a home. One building was discovered to have financing issues, and the residents were not keeping up with their condo fees. Another building had an issue with the title to the unit, which meant the seller could not sell the home for at least another year until that legal snag was resolved. As the months rolled by, she was losing heart and feeling defeated. When we finally found the third home, everything seemed great – and then about two weeks before the settlement, the rains came down and the windows leaked into the bedrooms.

Another delay. (Our THIRD). This time, for several more weeks.

I think she wanted to pack a suitcase, go to the airport, get on a plane somewhere and never come back. What ultimately happened? The building repaired the windows, the seller’s insurance replaced the hardwood floors, and she bought her first condo, which she still enjoys to this day.

As Dolly Parton says, “If you want the rainbow, you’ve got to put up with a little rain.” And finally, after months of looking, waiting, and overcoming obstacles, the rainbow peeked out from behind the clouds.

Joseph Hudson is a referral agent with Metro Referrals. He can be reached at 703-587-0597 or [email protected].

Real Estate

Spring updates to sell your home for pride and profit

Consider new landscaping, power washing, creative staging

Published

3 weeks ago

April 20, 2025

Scott Helms

Enhance your curb appeal with fresh landscaping before you sell. (Photo by Elena_Alex_photo/Bigstock)

Selling a home is a big deal for anyone, but for members of the LGBTQ+ community, it comes with unique considerations—from finding affirming professionals to ensuring your home is represented in a way that reflects your values. Whether you’re a first-time gay home seller or a seasoned LGBTQ+ homeowner looking to move up, maximizing your home’s value is key to a successful and empowering sale.

Here’s how to prepare your home, your mindset, and your real estate strategy to get the most value—financially and emotionally—from your home sale.

1. Start with an LGBTQ+-Friendly Real Estate Agent

Before diving into renovations or staging, make sure your agent truly understands your needs. A gay-friendly or LGBTQ+-affirming real estate agent brings more than just market expertise—they bring cultural competence, safety awareness, and a network that supports you throughout the selling process.

At GayRealEstate.com, you can find experienced, vetted LGBTQ+ real estate agents who have been proudly serving the community for over 30 years. Working with someone who shares or supports your identity ensures your selling journey is respectful, inclusive, and effective.

2. Enhance Curb Appeal—With a Welcoming Vibe

The outside of your home is the first impression a potential buyer gets. Make it count—especially for LGBTQ+ buyers looking for a home that feels safe and welcoming.

Fresh landscaping: Add colorful flowers, neatly trimmed shrubs, or low-maintenance greenery to appeal to eco-conscious buyers.
Update the entrance: A new front door, stylish lighting, or even a rainbow doormat can make your home feel like a safe space from the start.
Clean and repair: Power wash the exterior, touch up paint, and make any necessary repairs to gutters, windows, or siding.

3. Stage with Intention and Inclusivity

Home staging can add thousands to your sale price. But beyond the usual decluttering and neutral palettes, think about how your space tells a story—and who it’s telling it to.

Create a warm, inclusive feel: Subtle touches like LGBTQ+ art, books, or even coffee table magazines can show off your personality and affirm the space for queer buyers.
Depersonalize—but don’t erase: You don’t need to hide your identity to appeal to buyers. Let your home feel lived in and loved—while still being a blank canvas others can imagine themselves in.
Highlight multi-use areas: Home offices, gender-neutral nurseries, or flex spaces resonate with LGBTQ+ families and professionals.

4. Update Kitchens and Bathrooms Strategically

These rooms matter most to buyers—and even small updates can yield big returns.

Kitchen: New cabinet hardware, a fresh backsplash, and modern lighting can elevate the entire room without a full remodel.
Bathroom: Replace old fixtures, re-caulk tubs and sinks, and add plush towels and inclusive décor.
Energy-efficient upgrades: Touchless faucets, smart appliances, or low-flow toilets are not only trendy—they signal sustainability, which matters to LGBTQ+ buyers.

5. Make Your Home More Energy Efficient

LGBTQ+ homebuyers often prioritize sustainability. These updates not only reduce energy bills but make your home more marketable.

Install a smart thermostat (like Nest or Ecobee)
Upgrade insulation or windows
Consider solar panels (especially in sun-drenched regions like California or Florida)

Bonus: You may qualify for state or federal tax credits, which can be a great selling point.

6. Know and Advocate for LGBTQ+ Housing Rights

Although housing discrimination is illegal under the Fair Housing Act, it still happens. As an LGBTQ+ seller, be aware of your rights—and those of potential buyers.

Avoid steering or bias: Even with good intentions, make sure you’re not inadvertently influencing who views or buys your home based on identity.
Work with affirming professionals: From inspectors to lenders, choose partners who support inclusive practices.
Report discrimination: If you or a buyer encounters bias, report it to HUD or your local housing authority.

7. Price Your Home Right—and Market It Smartly

Setting the right price is essential to maximizing value. Your LGBTQ+-friendly agent can run a comparative market analysis, considering current trends and buyer demographics.

Leverage LGBTQ+ real estate networks: Promote your home through platforms like GayRealEstate.com to reach an audience that understands and values your space.
Use inclusive language in listings: Avoid gendered terms or heteronormative assumptions. Instead of “his and hers closets,” use “dual walk-ins” or “double closets.”
High-quality photos and video tours: Showcase your home with professional, visually inclusive marketing that appeals to diverse buyers.

8. Consider Timing and Local LGBTQ+ Trends

Selling during WorldPride or just before local LGBTQ+ events may boost visibility. Also consider if you’re in or near an LGBTQ+ friendly city or neighborhood.

Not sure which areas are top destinations? GayRelocation.com tracks and shares the best cities for LGBTQ+ homebuyers, helping you tap into motivated buyers.

Final Thought: Sell with Confidence—and Community

Selling your home isn’t just about getting top dollar—it’s about closing a chapter with pride and integrity. When you center your values, work with LGBTQ+ affirming experts, and prepare your home with purpose, you’re not just maximizing your home’s value—you’re creating an empowering experience for yourself and the next owner.

Whether you’re buying, selling, or both—GayRealEstate.com is your trusted partner in every step of your journey. With a nationwide network of gay and lesbian realtors, decades of experience, and deep community ties, we ensure your home transition is safe, smart, and full of pride.

GayRealEstate.com is the nation’s leading online platform connecting LGBTQ+ home buyers and sellers with LGBTQ+ friendly real estate agents, ensuring a safe and supportive experience.

Scott Helms is president of GayRealEstate.com. To find an agent or learn more, visit GayRealEstate.com, GayRelocation.com or call 1-888-420-MOVE.