There’s big news in the world of personal finance gossip: Suze Orman is gay. Or maybe it’s not such big news, as folks have hinted about it for years.
You might be saying to yourself, “Who cares if Suze Orman is gay? It’s her personal life and she has a right to privacy. This is just gossip and has nothing to do with personal finance.” If you think that, you’re right. She does have a right to privacy. But, you’re also wrong. Suze Orman being gay has everything to do with personal finance.
The personal finance issue we are dealing with is providing financial security for our loved ones.
Because Suze Orman is gay and can’t legally be married in 49 states, the District of Columbia, or under federal law, if something were ever to happen to her, her partner would be out-of-luck financially. She herself says:
“It’s killing me that upon my death, K.T. [her partner] is going to lose 50 percent of everything I have to estate taxes. Or vice versa.”
This is one of the most talented women in personal finance. And even she can’t prevent her most loved one from losing millions and millions of dollars to taxes. One would think that a financial whiz like Suze could come up with something. But she can’t.
That’s because our political system inherently and intentionally discriminates against gay couples. This has severe financial consequences.
It’s incredibly ironic and unfair that Suze makes her living providing financial advice that she can’t even legally take advantage of herself.
Suze and K.T. congratulations. Thanks for bringing to light the financial inequalities of what many people think of as a social law.
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