Married Same-Sex Couples in 7 More States Now Able to Protect Their Families’ Futures

Same-sex couples planning to marry in the states covered by this week’s momentous Supreme Court decision not to hear appeals aimed at preventing such marriages, as well as the Ninth Circuit decision, now have access to the full range of tax and estate planning options available to other married families. The new states include Colorado, Indiana, Nevada, Oklahoma, Utah, Virginia and Wisconsin, bringing the total number of states that recognize same-sex marriage to 26, plus the District of Columbia. LGBT experts from Marcum LLP, the first national accounting firm with a practice dedicated to the distinct needs of non-traditional families, urge newly married couples, as well as those contemplating marriage, to take appropriate steps to protect their families’ futures and financial assets.

“The financial landscape for same-sex married couples remains complex, particularly if the family has investments or income from states that do not recognize their marriages,” said Nanette Lee Miller, Co-Leader of Marcum’s LGBT & Non-Traditional Family Practice. “We still have 50 states with 50 different sets of rules, but being able to file jointly in your state of domicile greatly simplifies matters for married couples whose marriages were not previously recognized at the state level. In addition and perhaps more significantly, the ability to consider marital assets for trust and estate planning purposes is a tremendous new benefit available to these families.”

“There are still 24 states that do not recognize same-sex marriages, and that means separate calculations and separate state and federal filings for taxpayers in those states, or those with assets there. Same-sex married couples in the states affected by this week’s legal developments now benefit from the same rights and protections afforded other married couples, which means they are now in a position to take full advantage of tax and estate planning options to secure their families’ futures. Despite the cost and inconvenience of separate filing, however, in some cases it can be more advantageous from a purely financial standpoint, than filing jointly. That’s why it’s extremely important for couples to fully understand the financial ramifications of marriage sooner rather than later,” said Janis Cowhey, LGBT Practice Co-Leader and a Trusts & Estates attorney.