
An art finance company that lent celebrity photographer Annie Leibovitz $24 million against the value of her entire collection and her properties has sued her for violating the terms of the agreement. Basically they say she isn’t being real cooperative in their attempts to start foreclosing on some of her stuff … but why does she owe $24 million anyway?
Photographer Annie Leibovitz recently took out a loan against her photographs and properties in order to pay off her outstanding mortgage debt. Miss Leibovitz is perhaps not alone in suffering from the global economic crisis, but most of her financial woes are not her doing but rather stem from her inheritance of her long time partner, Susan Sontag’s, estate.
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 their 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.
How would you feel if you suddenly had to pay half of the value of your home to the government in order to keep on living there?