Same sex spouses, call your tax advisor
Legally married same-sex couples should plan on calling their tax-preparers in the wake of the Supreme Court’s historic decision striking down DOMA. Advantages that should now accrue to all legally married couples include those Federal tax benefits (and drawbacks) associated with filing a joint tax return, eligibility for spousal and survivor Social Security benefits, and the Federal estate and gift tax benefits available to married spouses. This latter change may require a discussion with your estate tax planner as well.
USA Today lists some of the advantages. Reuters has a list of cautions. While the Supreme Court ruling has simplified many of the uncertainties at the Federal level for same sex couples, other issues remain. Divergent state laws will continue to pose unique challenges for same sex couple financial planning.Tags: financial planning, taxes