While marriage laws have been changing, rules for financial planning are a step behind. Here’s what LGBT couples need to know.
Tips comments merit has partner in New York in 2012. After same sex marriage became legal. I I have to say that I never dreamed. That I would be able to marrying. The person that I love I never dreamed that whatever happened and it's been so rapid. And really touching. While Matt Lutz had changed in several states rules regarding financial planning her step behind. Financial advisors say there's a lot to navigate prior to. You marriage equality becoming. You know law on many states gay and lesbian couples would have to do excessive amounts of estate planning we have wells we have trials with health care directives of the power returning we set that up. Almost fifteen years ago it was expensive and time consuming a oil was ten or 111000 dollars. So wasn't seat and now what's happened is. Taxes there's no taxes now that spouses can pass assets to each other upon deaf without taxation that's a huge benefit. With quality comes exposure to the tax issues many straight couples face. For example married couples can be pushed into a higher tax bracket and even face the Alternative Minimum Tax or AMT. Which wipes out many valuable tax deductions. I am seeing the Alternative Minimum Tax come up and seeing people be concerned about that be concerned about the marriage penalty. These concerns are only relevant to same sex couples living in one of the thirty plus states were gay marriages legal shown here in Orange in states where it isn't seen in white. Couples have to take the steps Tim and has partnered did years ago to ensure they have some protections. Same sex couples living in states where gay marriage is not allowed me also missed out on a key perk of Social Security. Access to survivor benefits. According financial advisors we spoke to the Social Security Administration recommends only windows or window hours living in states where same sex marriages legal. Apply for survivor benefits although the policy is a bobbing along with the loss. And wiring out this is writers.