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Gay couples to reap financial benefits; Advisers with gay clients need to pay attention.(News)

Investment News

| December 08, 2003 | COPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Rick Miller

Eager to tie the knot with her partner of nearly 25 years, financial planner Sharon Rich says she's already planning a May 18 wedding - six months after a state Supreme Court ruling endorsed gay marriage.

"If there's a group ceremony at City Hall, we will be there,'' says the president of Womoney, a fee-only planning firm in Belmont, Mass. "We are just there to be counted as one among many who have been waiting a long time for this.''

From an emotional standpoint, Ms. Rich and her partner, Nancy Reed, are looking forward to the day their children, ages 12 and 15, can say their parents are "married.'' Ms. Rich is the biological mother of the children, who were legally adopted by the couple.

On a practical level, the couple are eager for the estate and financial planning benefits they'll likely gain.

No longer would they have to buy an additional single health insurance policy - at a cost of up to $6,000 a year - in addition to the family plan that covers …

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