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The implications of the Supreme Court’s decision on the federal defense of marriage act, also known as DOMA, are difference in a number of laws for taxpayers – specifically those who are same sex couples. It is at this point in time that we wish to invite all same sex couples, both married and unmarried to reach out to us for any questions they may have. While a number of changes are yet to be determined the time to act is now.
For those couples who are same sex spouses the first step to be taken would be to explain to their employers that they are in fact married so that spousal benefits will be in place. In addition, those who are IRA custodians should also be notified that he beneficiary is a spouse. The reason for this is that in the event of an emergency the beneficiary will have an easier time exercising their rights. Other candidates should consider notifying the social security administration. By reaching out to this organization, after death, same sex spouses will be entitled to social security benefits. At the same time, attorneys and accountants can work together to develop an estate plan. Going over the estate plan again allows for the ability to incorporate tax free gifts to spouses. We wish to educate our prospective clients so that they know what they are entitled to.
Employees of same sex marriages need to explore their new found rights for benefits, health and retirement plans, and find out in which way their spouse is now included. By educating yourself in all the new laws, you can receive the proper tax benefits to which your family and you deserve.
