Thursday, July 14, 2011
Same-Sex Couples and the Federal Estate Tax
Same-sex couples may be able to say "I do" in a handful of states, New York the most recent, but those vows do not help them in the area of planning for estate taxes. Federal law does not currently recognize same-sex marriage, so use of "marital deduction" in the world of estate taxes does them no good. The result, a need to stay abreast of taxes and take control to structure their assets accordingly. Here is a great article that looks at the issue in depth; Headaches for Same-Sex Couples, Wall Street Journal.