Orman, an out lesbian, calls for the equal right to be the beneficiary of a spousal estate without the lopsided tax burden that couples in same-sex relationships face, with little or no legal recognition, depending on their state of residence.

Orman also brings up the disparity between rights afforded married spouses and those of unrecognized partners. A same-sex spouse is often considered a stranger in the eyes of the law; legal paperwork, at an out-of-pocket expense, is often required to afford a same-sex spouse some of the same rights that state-registered domestic partners and married spouses receive automatically, such as power of attorney and hospital visitation. If one spouse has a medical emergency, for example, without legal documents in lieu of official recognition of his or her relationship, a hospital will often prevent a same-sex spouse from making important medical decisions, or even visiting.

Video and transcript follow below.

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TRANSCRIPT:

KING: So, Giuliani, McCain, Obama, Clinton, would all--

ORMAN: And Hillary.

KING: --would all be fine for you?

ORMAN: Yes. Obviously...no bones about it, I want a Democrat to win.

KING: Now, why? Historically, I thought Republicans helped the economy.

ORMAN: Yes. But, you know, I'm more than just somebody for the economy. I'm somebody for the people. And I have a true belief that, you know, that Senator Clinton or Barack Obama—Senator Obama—would be more helpful.

Especially for somebody like me. I mean it is—it is no secret that, you know, I'm in a same sex relationship and have been for a long time. And I would like to see a president give the rights for somebody like me to be able to leave my partner all the money I've accumulated without estate tax.

KING: You can't do that now?

ORMAN: No, I can't do that at all. And nor can any person like that. So I want to hear—I want to see somebody in office that at least can be a spokesperson for me, that says yes, you can have the exact same rights as everybody else.

KING: Can your partner have any say if you are in a grave health situation as to--

ORMAN: She can, but only because I put all the paperwork in place. And I have copies of that in place. If we didn't have that type of paperwork in place, good luck her even getting into the intensive care unit.

KING: That's a frustrating way to live, isn't it?

ORMAN: It's a real frustrating way to live, especially—it's no secret, as well, that I'm a very successful woman. I've made a lot of money in my lifetime. And I should be able to leave that money—as well as, K.T. my life partner, has also made a serious sum of money in her lifetime. Upon our deaths—you die, you leave your wife billions of dollars. Let's just say you had that. She wouldn't have to pay one penny of estate tax on that. I leave anything over $2 million this year to K.T., estate tax is owed.

KING: We have an e-mail from Julie in Kent, Washington: Can domestic partners be beneficiaries

of term life?

ORMAN: Sure, domestic partners can be beneficiaries of anything. However, the way that you should set it up is: Your partner should be the owner, you should be the insured, and your partner should be the beneficiary.

Otherwise, if you are the owner and the insured and you die, the death benefit is in your estate. You then leave it to your partner. They are going to have to possibly pay estate tax. The way you get around estate tax is make each other the owners of the policy.

KING: That partner can be a gay relationship?

ORMAN: Yes, of course.

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