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- Title
Financial Planning Roadmap for Non-traditional Couples.
- Authors
Knowles, Robin L.; Veliotis, Stanley
- Abstract
Despite recent changes in many states allowing same-sex marriage, the preparation of a sound financial plan for non-traditional couples continues to be more complicated than for traditional couples. To provide the best financial plan to clients, advisers must be aware of the complex financial and legal issues facing same-sex couples. Two individuals who are "married" receive beneficial treatment in several financial areas as compared to two unmarried individuals who form a household. Examples include an unlimited marital deduction for estate tax planning, lower income tax liability when the couple has disparate income levels, and access to Social Security survivor benefits and other spousal benefits provided in workplace benefit plans. However, marriage is not defined at the state level where federal law applies. Under the federal Defense of Marriage Act (DOMA), same-sex couples are viewed as unrelated parties, not as a married couple. This article reviews how federal law and state law will apply to the more significant income tax, estate tax, and health and welfare benefit plan issues that clients are likely to consider in connection with their financial plan.
- Subjects
UNITED States; FINANCIAL planning; SAME-sex marriage; NONTRADITIONAL families; INHERITANCE &; transfer tax; UNITED States. Defense of Marriage Act
- Publication
Journal of Financial Planning, 2012, Vol 25, Issue 7, p48
- ISSN
1040-3981
- Publication type
Article