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Same-Sex Couples

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.