Important Message From Bratton Law Estate Planning Attorney, Charles Bratton.
In a ground breaking decision, the Supreme Court of the United States strikes down the federal law, Defense of Marriage Act, which restricted the definition of marriage to opposite-sex couples declaring it as unconstitutional. What does this mean? Now legally married same sex men and women are entitled to claim the same federal benefits that are available to opposite-sex married couples. This doesn’t mean that every State is required to recognize same sex marriages but it does mean that if your State does recognize same sex marriages, then so does the Federal government and provide the same benefits. This may have wide sweeping impacts on the filing of income tax returns, estate tax issues such as the unlimited marital deduction, and portability.
Next Steps: This certainly may affect many same sex couples which could lead to savings of thousands to hundreds of thousands of dollars as it relates to income, estate, and inheritance taxes. If you are in a same sex relationship, it’s time to revisit your estate and financial plan to ensure you are properly protected.
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