January 15th, 2014 : DOMA Decision's Impact on Financial Planning for Same-Sex Couples
DOMA Decision's Impact on Financial Planning for Same-Sex Couples
If you are a member of a married same-sex couple, then the U.S. Supreme Court’s decision to strike down the Defense of Marriage Act could have a substantial effect on many aspects of your financial life. You may want to consider, for example, filing an amended income tax return if you now qualify for deductions or credits available to married couples under federal law. Since same-sex couples are now eligible for the estate tax exemption available to surviving spouses, it may also be time to review your estate planning.
Those are just a few of the changes affecting qualifying same-sex couples. If you have questions about the decision’s impact and what it means to your financial situation, be sure to contact us today.