Gay Man Adopts His Partner to Avoid Inheritance Tax

Discussion in 'The Howard Stern Show' started by HS Cult Leader, Jun 28, 2013.

  1. HS Cult Leader

    HS Cult Leader Elite Member Gold

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    Gay Man Adopts His Partner to Avoid Inheritance Tax

    By SUSAN DONALDSON JAMES


    June 28, 2013





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    John, who is 65, adopted his gay partner, who is 73, because the couple wanted financial protection when one of them dies. (Courtesy of the family)



    John met Gregory at a gay bar in Pittsburgh nearly 45 years ago and immediately fell in love. Today, the couple has weathered the early days of the gay rights movement, the death of friends in the AIDS crisis and constitutional laws in their home state of Pennsylvania that have prevented them from marrying.
    Now, as lifelong partners facing the financial and emotional insecurities of old age, they have legally changed their relationship and are father and son -- John, 65, has adopted Gregory, 73.
    The couple was worried about Pennsylvania's inheritance tax.
    "If we just live together and Gregory willed me his assets and property and anything else, I would be liable for a 15 percent tax on the value of the estate," said John. "By adoption, that decreases to 4 percent. It's a huge difference."
    Because John's dad is still alive at 95, he could not legally have two fathers. So Gregory, though older, became the adopted son. The Daughin County Court judge who signed their papers was adamant in telling them that the adoption was "forever" and they would never be able to legally marry...


    Long read.. Continued: http://abcnews.go.com/Health/gay-ma...nheritance-tax/story?id=19512067#.Uc2KeDvVB8E
     
  2. check1

    check1 VIP Extreme Gold

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    Gotta do what ya gotta do.
     
  3. Mr Fantastic

    Mr Fantastic Found Nemo VIP

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    Ahem, penisth schize please.
     
  4. Mr Fantastic

    Mr Fantastic Found Nemo VIP

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    And how is a story about an old gay dude trying to save money Howard related?

    Take this shit to the bar.
     
  5. Icculus

    Icculus Well-Known Member

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    that's awesome.
     
  6. Anfkid

    Anfkid Blue Banner Mafia Staff Member

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    Daddy's girl's been a bad girl.
     
  7. tHISisKiSSeL

    tHISisKiSSeL ♡❂❁❀♡ Gold

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    "Ralph Stern"
     
  8. TelegramSam

    TelegramSam I love Sam's cock Banned User

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    You don't think an older gay man trying to save money when/if his partner leaves him or he dies isn't related to Howard and the Florida House, Trust, etc? :jj:
     
  9. FlaFlaFlunkie

    FlaFlaFlunkie Fabulous!

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    Didn't some straight billionaire dude do the exact same thing with his girlfriend recently?
     
  10. BudBudha

    BudBudha Male Underwear Model

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    A judge signed off on this so the old fruit could avoid taxes :wtf:
     
  11. Gromit

    Gromit New Member

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    Scott Thorson wished Liberace had done the same thing with him. I didn't even know this was legally plausible until recently. Gotta hand it to em', it's pretty clever.
     
  12. Wigless

    Wigless Well-Known Member

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    He should just marry her then she can get all his assets tax free if he dies.
     
  13. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    This is known as "pulling a Liberace". But I'm confused. I thought the pro-gay marriage proponents (which would solve this problem for him) wanted the wealthy to pay more inheritance tax.
     
  14. BudBudha

    BudBudha Male Underwear Model

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    It's irrelevant if he's gay or straight, I'm just surprised a judge would approve this new tax scheme.

    Fuck inheritance tax btw
     
  15. Gromit

    Gromit New Member

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    I agree... someone older adopting someone younger? What could their argument be other than "well we wanna save money"
     
  16. racerx

    racerx New Member

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    arent you a pro--gay marriage proponent?
     
  17. Mike

    Mike No Justice No Peace Gold

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    :lol:
     
  18. TehLivingDeath

    TehLivingDeath New Member Banned User

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    This shit happens all the time in Japan. Business owners with no male heirs will adopt a male employee that they feel will carry on the business the best.
     
  19. DaBUU

    DaBUU Active Member

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    Really? Its a story about an old gay dude and you don't think its Howard related?
     
  20. pilo

    pilo Well-Known Member

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