A federal law referred to as the Defense of Marriage Act (DOMA) states that under all federal laws, the word “marriage” refers to a legal union only between one man and one woman as husband and wife and the “spouse” refers only to a person of the opposite sex.
Tax Implications of New York’s Marriage Equality Act
This law is clearly in conflict with the Marriage Equality Act recently passed in New York which recognizes a marriage between two individuals of the same sex. This conflict can result in complications when it comes to taxes and taking advantage of tax benefits for married couples. A law addressing this conflict specifically considering taxation was passed in New York on July 29, 2011. The new law allows a same-sex married couple in New York to file income tax returns as a married couple for the state of New York even though they must file separate (unmarried) tax returns for federal income tax purposes.
Get Legal Help
Understanding the changes in the law and how they impact your financial and estate plan are important for preserving wealth and protecting your loved ones. Experienced Estate Planning Attorney Elga Goodman can help you better understand the changes and make a strategic plan to protect your assets and your loved ones. Contact us today at 973-841-5111 to learn more.
Posted in: New York Estate Planning