In the wake of the recent Supreme Court decision affirming the right of same-sex couples to marry, it is time to discuss some legal and economic factors a couple might consider (in addition to the religious, societal, and emotional ones) when thinking about whether they should tie the knot: Taxes: Married couples typically get a reduction in taxes. However, if the two would-be spouses have similar incomes, they may incur the dreaded “marriage penalty” and end up paying more in taxes. ...
Same Sex Marriage Law Update
Since my last posting regarding estate planning in same-sex marriages a few weeks back, the U.S. Supreme Court has announced it will take up the issue of the legality of same-sex marriage. The Supreme Court reviews only a limited number of cases each year (perhaps 1 or 2%), picking and choosing from the thousands of cases decided on appeal by the Courts of Appeals. A quick civics lesson: if you have a federal lawsuit (like suing under the U.S. Constitution to force a State to recognize ...
Same Sex Estate Planning — Is It Any Different?
It used to be that estate and legal planning for same sex couples was drastically different than planning for opposite sex couples, since same sex couples were, by rule, not married. With the recent court decisions allowing same sex marriage, I’m contemplating whether this distinction remains true nonetheless. For now, at least, I believe the distinction remains important and that same sex couples should, for planning purposes, continue to treat themselves as unmarried. Here’s ...
