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New IRS Rules Recognize Same-Sex Marriage

The Internal Revenue Service and the U.S. Department of the Treasury ruled in August 2013 that same-sex married couples will be treated as married for all federal tax purposes.  This applies to same-sex couples married in jurisdictions that recognize such marriages.  Legally married same-sex couples may reside anywhere in the US.

Please note: This ruling does not apply to registered domestic partners, civil unions, or other such formal relationships.

The ruling impacts income, gift, and estate taxes including such things as

– filing status

– the standard deduction

– personal and dependency exemptions

– employee benefits

– IRA contributons

– the earned income tax credit

– the child tax credit.

Same-sex married couples should explore how the new law impacts their estate planning situation.  It’s a good time to seek professional assistance to make sure that you’re optimizing your plans.

Getting Legal Help

Experienced Estate Planning Attorney, Elga A. Goodman, can help you understand the new law and how it affects you.   She can help you create an estate plan that meets your needs and those of your loved ones.  Contact us today at 973-841-5111

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