Annie Leibovitz is in a jamOut Vanity Fair photographer Annie Leibovitz recently took out a loan against her prized photographs in order to pay off her outstanding mortgage debt. Miss Leibovitz is not alone in suffering from the global economic crisis, but what struck me about her story was that most of her financial woes stemmed from her inheritance of her long time partner, Susan Sontag’s, estate.
As Suze Orman pointed out in her Valentine’s Day wish for gay marriage, same-sex couples do not have the same privileges as straight married couples when it comes to inheritance. If your partner passes away and leaves her estate to you, you have to pay up to 50 percent of the value of your inheritance in taxes. However, if you and your partner were recognized as a married couple, you wouldn’t have to pay a dime. And it is precisely this unjust double standard that got Annie Leibovitz into financial trouble. When Sontag died in 2004, she bequeathed several properties to Leibovitz, who was forced to pony up half of their value to keep them. Yes, she makes a nice chunk of change from Vanity Fair, and yes, she probably could have just sold the properties when the market was good in 2004, but that’s not really the point. The point is she should never have been in the position of paying or selling to not pay as much in the first place. Her wealth and poor decision-making are incidental. Susan Sontag shot by Annie Leibovitz Some snarky commentators have remarked that Leibovitz is getting what she deserves for living beyond her means. In many ways, she probably could have prevented her current crisis, but I wonder how many of these “tough” commentators would feel if they suddenly had to pay half of the value of their homes to the government in order to keep on living there. Submitted by on February 26, 2009 - 10:00am. |
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Heartbreaking
Oh wow. I'm a big fan of Ms. Liebovitz and this is so upsetting! I recently read her autobio "At Work," and Susan was mentioned throughout-- dense of me not to realize they're partners!
What a great/awful illustration of how current laws don't provide equal treatment to same-sex couples. "I wonder how many of these “tough” commentators would feel if they suddenly had to pay half of the value of their homes to the government in order to keep on living there." ---- What a great point!
Thanks so much for bringing this to our attention!
"Yes, well, their poster-child doesn't know it yet, but she's into me." - Lucy Diamond
So Sorry
for her. I wish things could just be right within our community! I am a big fan, and know she must of loved Susan so much, to bad she has to grieve from the grave! Also sad that people have to criticise Annie for the way she lives. Isn't it enough she lost the LOVE of her life, she doesn't need to hear comments like those. I wish her peace!
not sure about the legality
not sure about the legality of this in the states, but couldn't her partner have sold her the complete estate for a $1 shortly before she died? thereby circumventing these issues?
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i'm with you about not
i'm with you about not being sure of the legality, but i'm almost positive that they coudn't do that - or else everyone (who knew they were going to die) would do that. even people who were just selling their home or other property would do that (get the rest cash, under the table) in order to avoid paying taxes on it.
in my state (NY) - even if you sell someone a car for a dollar, the DMV makes you pay the sales tax based on the MARKET value of the car, not what you paid for it. so i am almost positive that they do that with real estate as well.
!
The entire logic behind a capitalist economy is that you earn what you get. Following that reasoning, she's rich because she earned it. I can see how that's questionable reasoning with so many fat idiotic white men wandering around with pockets buldging, but we're talking about a person who's a) a woman, b) an out sexual minority and c) an artist. Given that, I'm willing to give her the benefit of the doubt. I'll buy that she deserves the wealth she's been living with.
Regardless of her financial stature, however, I'd find it pretty hard for anyone to argue that this double standard of straight vs. gay fiscal law is justified. It's just another legal reflection of how gay relationships are considered unequal, if not outright "lesser than", to heterosexual relationships in the United States. Even those of us who are savvy enough to prepare legal documents that mimic marital rights (power of attorney, living will, etc.), it's not enough to avoid bullshit such as this. The taxes that you get slapped with, the lack of benefits from employers, the barriers for rights over your own children... you can't get a piece of paper signed that bridges all of those gaps for you.
But a marriage certificate does.
The laws of a country, generally speaking, reflect the morality of its citizens. The homos have been recognized in many US laws, most colourfully perhaps in the Texas legislature, most often as deviants or, literally, felons. Over the past 20 years I've gradually seen US law make mention of homosexuality in more positive ways (not that they had to do much to be 'more positive' than arrest warrants). That's both refreshing and encouraging. Not only for the legal practicalities, but to see the way your country views your existance shift from seething hatred to grudging acknowledgement gives me a happy. Yay for that.
I hope the momentum keeps going and the pendulum swings & whacks the bible belt in the balls. I do believe I will see nationalized gay marriage in the US within my lifetime. A bit late for Annie Leibovitz, unfortunately, but I'm guessing even she would agree it's better late than never.
This Is The Reason We Keep Moving Forward Toward Equality
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THis is awful. Just awful. I had no idea that value of non-heteosexual unmarried or unrecognized couple could be that high. Absurd. This is why more and more in the news you will here about different states taking up the marriage. It's not going anywhere. Surely, more and more states will legalize same-gender relationships. I believe in Karma.
I'll pray that all those so call "friends" will help her out. This one depressing news.
Thanks for letting us know.
A line taken from my poem "She" It is SHE who awakens my soul..."
thefemininedivine.blogspot.com
"...but I wonder how many
"...but I wonder how many of these “tough” commentators would feel if they suddenly had to pay half of the value of their homes to the government in order to keep on living there."
Well made point.
you know
i absolutely did not think of that; i had heard that her wife/partner passed, but didn't know when and didn't connect it to her supposed financial problems.
truthfully, when i first heard about it, i though it was just an overblown story by the recession-crazed media; a lot fo people use their valuables as collateral when getting a loan, so i supposed that she justy used her work; obviously she's planning on paying it back.
i would think though, that she would rather have sold the properties than to pay 50% just to keep it.
Unfortunately it doesn't
Well Said!
This is a bad situation for Annie Leibowitz, and unfair in so many ways.
AND I want to second romy70's post because there *are* ways to structure your estate to protect you and your partner financially. A good financial planner and attorney are an absolute must. Even if you have a lot of assets, you can make provisions over time that will protect your partner. Depending on your situation, you have to start early.
Here is the rub. You can use legal and financial planning methods to reproduce many of the protections that marriage offers with regards to assets (I'm not talking about social security, pensions, etc.). BUT it requires a tremendous trust between partners, especially when the financial resources are not equal in the couple. I have met many, many lesbian couples who cannot believe my partner and I share a checking account! Because we want maximum protection in the event of one of us being hit by a bus, I am completely and totally financially enmeshed with my partner. This is not for everyone.
While we have to pay for the priviledge, there are many things we can do to protect ourselves and our families and I get very frustrated that we focus a lot of energy on what we don't have (marriage) and won't take the steps necessary to avail ourselves of what we *can* do. It is challenging to protect each other when multi-million dollar real estate is involved, etc. but it is EASY to get a will, it is EASY to get a durable power of attorney, EASY to appoint a health care surrogate and it is EASY to ensure that you are exactly as financially entagled as you want to be.
I asked my law professor about this
I was interested in these two comments because I am in law school. I forwarded this story to my Trust and Estates professor to see what she thought. She seriously doubted that there was anything that could have been done to prevent this situation.
My idea was to put everything into a joint tenancy, but she thought that it would still trigger the estate taxes if Sontag had been the sole owner.
I think we want to believe that there is something to be done because it is hard to accept how poorly we are treated in this society. But the fact of the matter is that marriage does matter and going to an attorney doesn't change that.
Scandalous!
I can't believe this, to this day and age people get discriminated against so cruelly! Pure evilness!
Imagine Annie's sorrow, not only has she lost her love, she must now even pay taxes for it .. the law is supposed to serve people not the other way around... EQUAL RIGHTS NOW!!
I wish Annie the best and I hope she will come out of this nasty jam as a winner.
// those harper seals are biaaatchesss - Bridget McManus //
This is a financial
It has nothing to do with
Thoughts from the photographers
This is a hot topic in the photo world, check it out;
http://photo.net/casual-conversations-forum/00Scjg
Legal recognition