The recent Supreme Court decision declaring DOMA unconstitutional has opened up significant planning opportunities for same-sex couples. In states recognizing as valid marriages between persons of the same sex, it is a good time to revisit financial plans, including estate plans, to ensure clients are aware and taking full advantage of the laws applicable to married persons. An article looking at income tax, estate and gift tax and other planning considerations may be obtained here.
Currently, some thirteen states and the District of Columbia recognize same-sex marriages and this number will increase rapidly in the near term. For many of your clients in same-sex relationships, it will be beneficial to review their planning and take advantage of the rights they either now have or will be gaining shortly.