The Supreme Court announced on June 26, 2015 its decision to legalize same-sex marriage in all 50 states. This historical ruling is a huge victory and cause for celebration among the LGBT community.
Key federal financial benefits that are now available to all same-sex couples include the right to:
· Transfer property to a spouse during one’s lifetime without owing federal gift tax
· Receive property from a deceased spouse without paying federal estate tax
· File annual state and federal taxes jointly
· Receive a spouse’s Social Security benefits
· Receive pension survivorship benefits
· Spousal identity and priority if any will or trust proceedings are contested
· Eligibility to use federal Family and Medical Leave Act care for spouse
· Adoption and child custody proceedings
They will also follow state rules for divorce proceedings and separation agreements.
Same-sex couples should continue to proactively plan and set forth their wishes in enforceable legal documents. Please contact a certified financial planner to find out more about the changing laws and how it affects your benefits.